Binance Caught within the Crossfire: CFTC Lawsuit Geared toward SEC?

• BitBoy Crypto believes that the CFTC’s lawsuit towards Binance is extra of a shot towards the SEC than Binance.
• Eleanor Terrett shares that her sources point out the SEC would file the same lawsuit towards Binance in response to the CFTC’s lawsuit.
• On March 27, the CFTC filed a lawsuit towards Binance claiming it traded by itself change utilizing 300 accounts related to Binance CEO CZ.

Ben “BitBoy Crypto” Armstrong tweeted his opinion on the Commodity Futures Buying and selling Fee’s (CFTC) lawsuit towards Binance. Armstrong believes that the CFTC’s lawsuit is extra of a slight towards the U.S. Securities Change Fee (SEC) fairly than towards Binance.

In a earlier tweet, Armstrong shared a screenshot of particulars relating to the CFTC lawsuit. The screenshot confirmed that the CFTC considers bitcoin (BTC), ether (ETH), litecoin (LTC), tether (USDT), and Binance USD (BUSD) as commodities.

Notably, this can be a distinction to the SEC’s stance on the matter. The SEC publicly considers cryptocurrencies and digital property as securities. Intimately, the SEC has an ongoing authorized battle with Ripple over the accusations that the blockchain developer and creator of the XRP token bought them as unregistered securities to buyers.

Fox Enterprise Journalist Eleanor Terrett additionally tweeted updates relating to the CFTC’s lawsuit towards Binance. In keeping with Terrett, sources point out that there’s a risk that the SEC would file the same lawsuit towards Binance to counter the CFTC’s lawsuit.

On March 27, The CFTC filed a lawsuit towards Binance, claiming that the cryptocurrency change traded by itself platform utilizing 300 accounts related to Binance CEO Changpeng Zhao (CZ).

Throughout the Related Interval, Binance has traded by itself platform by way of roughly 300 “home accounts” which can be all instantly or not directly owned by Zhao (…) Zhao has additionally traded on the Binance platform by way of two particular person accounts.

Accordingly, Zhao launched an announcement in response to the allegations. Zhao referred to the civil grievance as “surprising and disappointing” after greater than two years of cooperation with the CFTC. In his response, Zhao detailed only some key factors, noting {that a} full response will observe in due time.