In recent times, one of the most talked-about topics in the cryptocurrency market is the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Binance. The first hearing of the case, which will take place today at 10:00 AM Turkey time, has elicited striking comments from former SEC Enforcement Chief John Reed Stark.
Reed Stark states that the lawsuit the SEC has filed against Binance will reach a dramatic point.
On September 18, speaking via Space on the X platform, Stark made extensive comments on market manipulation, the Binance SEC case, and other enforcement actions by the SEC. Stark believes that the statements and interrogations made about Binance.US’s CEO and CFO, as well as the crypto custodian Ceffu (formerly known as Binance Custody), are extremely valuable for the SEC.
What Will Happen at the Hearing?
According to Stark, the hearing on Monday will be very important for both sides. Magistrate Judge Faruqui is asking the SEC to provide justification for its coercive request related to Binance’s lack of cooperation. During the hearing, the SEC’s arguments regarding Binance’s failure to cooperate will be heard, and inquiries will be made about Binance.US’s protective order and lack of cooperation.
Binance Case to Conclude Faster Than Coinbase…
John Reed Stark points out that the SEC has filed a fraud claim against Binance, which means the case will likely conclude faster than the one against Coinbase. Binance’s tendency to withhold details could be a strong point of attack for the SEC.
Before Space, Stark commented, ”I have no stake of any kind in the cryptoverse, am a frequent SEC critic and my only goal is to seek truth based on 35 years of working within the juxtaposition of law, business and technology.”