A New Player Enters the SEC Lawsuit Against Binance
A third-party entity called “Eeon” has submitted a motion to intervene in the ongoing lawsuit between the SEC, Binance, and its CEO CZ. This intervention adds a new dynamic to the case and emphasizes its complexity.
“Eeon” Claims Binance Customers’ Representation is Inadequate
- “Eeon” argues that Binance customers’ interests have not been adequately represented in the lawsuit.
- They believe cryptocurrencies should be categorized as commodities, not securities.
- “Eeon” accuses Binance of blocking customer access to their assets and exercising control over the keys.
- They criticize the SEC for prioritizing punitive measures over investor protection and dismiss allegations of money laundering.
- “Eeon” requests the court to grant customers access to their frozen assets on Binance’s platforms.
“Eeon” Seeks Damages and Calls for Investor Frustration
- “Eeon” seeks damages from Binance and the SEC, proposing a daily payment equivalent to 20% of withheld funds compounded per day.
- Customers affected by the lawsuit express frustration with the SEC’s actions without concrete evidence or clear regulations.
- “Eeon” suggests the court could have considered freezing a portion of crypto assets to allow customers access to at least a fraction of their holdings.
- “Eeon” references a previous court filing against the US Federal Reserve System in 2018 to support their arguments.
A Complex Legal Battle with Far-Reaching Implications
The intervention by “Eeon” introduces a new dimension to the lawsuit, highlighting the complexities of cryptocurrency regulation and the potential impact on investors and the industry as a whole.
By
By
By
By