Binance could strengthen its defense against the US Securities and Exchange Commission (SEC) by drawing on an unrelated case.
On April 26, Binance and related parties filed a government document from an unrelated case against Mango Markets exploiter Abraham Eisenberg, who was convicted by a jury on April 18.
The government’s argument
Binance’s defense team drew attention to a specific paragraph in which the US government expressed its position on whether a particular stablecoin, USDC, is a security.
On behalf of the US government, attorney Damian Williams stated that there “is no factual basis for treating USDC as a security,” adding that “holders of USDC do not expect profits from the token” because of its ties to the US dollar.
The argument closed off a possible exception that would prevent classifying MGNO Perpetuals, which are based on the value of USDC, as a mixed swap.
The argument aided government prosecutors in the Eisenberg case but could benefit defendants facing
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