A crypto influencer posted excerpts from the court hearing between Binance and the U.S. Securities and Trade Commission (SEC), highlighting the lack of evidence backing the SEC’s charges and igniting a firestorm of anger within the crypto community.
The court questioned the veracity of the SEC’s arguments during the hearing and asked the SEC to provide solid evidence of property transfers from BinanceUS to offshore locations. Even so, the SEC acknowledged that there had been no such steps, confusing the jury and the court.
The courtroom repeatedly questioned the SEC attorneys about transfers and specific charges of money leaving U.S. entities, hammering home the need for strong evidence. The SEC’s comments lacked any conclusive evidence of money leaving the country.
Footnotes from the court filing show the court’s ongoing enquiries into the SEC’s assertions, emphasizing the lack of comprehensibility and supporting evidence provided by the SEC lawyers. The SEC’s failure to provide evidence to support its claims of buyer property mixing or diversion against Binance increased the court’s skepticism.
Following such findings, crypto enthusiasts expressed their displeasure with the SEC’s unfounded accusations and efforts to frighten the cryptocurrency market. Many saw the court hearing as a turning point, exposing the SEC’s practices and demonstrating the potential success of the cryptocurrency market in the face of unjustified governmental efforts.
One person commented on the SEC’s baseless claims, comparing the current situation to con artists who are ultimately exposed. They predicted a fantastic outcome for the cryptocurrency markets.
According to a researcher at Grayscale, there should be consequences for frivolous lawsuits that have the potential to do significant harm without solid support and have misused taxpayer “dollars.”