Binance the crypto giant is facing legal trouble, senior resignations, and even DOJ investigations. Binance’s token, BNB, is taking a hit. Could it be that Binance is selling Bitcoin from its balance sheet to support its token? In a recent X post, Deaton is now wondering if Binance will challenge the SEC’s decision to keep important documents private.
This issue arose after the SEC received backlash for sealing these documents in the Ripple case. Deaton’s concerns about Binance’s stance further fuel discussions on the SEC’s handling of the Ripple case.
In the open forum discussion, Deaton suggested that Binance, a major crypto exchange, could face legal action from the United States Department of Justice (DOJ). Deaton pointed to a series of unusual events in the cryptocurrency space as a cause for concern, indicating that a sealed indictment against Binance wouldn’t be surprising.
The Hawk Approach of Regulator Will Kill Crypto, Can Go till 2025?
Deaton further highlighted how there is a noticeable shift in the way regulators and lawmakers are approaching the cryptocurrency industry. He suggested that market participants in the crypto space should prepare for a more protracted legal battle.
“Unfortunately, I think we have to be prepared for a longer fight. We are witnessing them going from ‘We are going to kill crypto’ to ‘No, well, we can’t, so we are going to crush it so that the traditional players can come in and swoop it up,” Deaton stated.
He previously expressed his view that crypto, as a policy issue, should continue to be battled out in courts until 2025. After that point, he believes there might be a political consensus on the matter in the United States. So if Binance decides to battle it out it won’t be an easy job.
SEC’s Stance on XRP
Attorney Jeremy Hogan, who also participated in the Twitter session, mentioned that the SEC had stated in a filing that it would not appeal the XRP Summary Judgment. The SEC’s statement indicated that the question of whether XRP is, in and of itself, a security was no longer under consideration.
Hogan stresses that it’s time to be innovative, as the increasing trend of people leaving the U.S. isn’t a positive sign. The crypto industry is burdened by regulations, and individuals are seeking an environment where their ideas and innovations can thrive with minimal legal constraints.
In the meanwhile, Binance.US’s global market share has drastically fallen from 2.39% to 0.6%. Their current trading volume is lower than it was in early 2020.
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