Binance the crypto giant is facing legal trouble, senior resignations, and even DOJ investigations. Binance\u2019s 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\u2019s decision to keep important documents private.<\/p>\n
This issue arose after the SEC received backlash for sealing these documents in the Ripple case. Deaton\u2019s concerns about Binance’s stance further fuel discussions on the SEC\u2019s handling of the Ripple case.<\/p>\n
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\u2019t be surprising.<\/p>\n
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.<\/p>\n
\u201cUnfortunately, I think we have to be prepared for a longer fight. We are witnessing them going from \u2018We are going to kill crypto\u2019 to \u2018No, well, we can\u2019t, so we are going to crush it so that the traditional players can come in and swoop it up,\u201d Deaton stated.<\/em><\/strong><\/p>\n 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. <\/p>\n 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\u2019s statement indicated that the question of whether XRP is, in and of itself, a security was no longer under consideration.<\/p>\n Hogan stresses that it\u2019s time to be innovative, as the increasing trend of people leaving the U.S. isn\u2019t 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.<\/p>\n In the meanwhile, Binance.US\u2019s global market share has drastically fallen from 2.39% to 0.6%. Their current trading volume is lower than it was in early 2020.\u00a0<\/p>\nSEC\u2019s Stance on XRP<\/strong><\/h2>\n