🛡 Binance is using a legal strategy from a different case to defend itself against the U.S. Securities and Exchange Commission (SEC).
📜 On April 26, the exchange referenced a government filing related to the conviction of Mango Market's exploiter, Avraham Eisenberg, hoping it could aid its defense.
💼 During the Eisenberg trial, the government argued that the stablecoin USDC is not a security, as it doesn't promise profits due to its stable value tied to the U.S. dollar.
🔍 This argument could potentially support Binance's defense against certain SEC claims, but its applicability may be limited given the diverse nature of the charges against the exchange.
⚖️ However, this legal perspective might also benefit other cryptocurrency platforms like Coinbase, which are facing similar SEC charges.
⚔️ The use of legal precedents from unrelated cases underscores the complex legal landscape cryptocurrency exchanges navigate and the significance of the outcomes in defining securities in the industry.