- Crypto influencer’s snippets from court hearings reveal SEC’s lack of evidence.
- SEC admits no movement of assets offshore from BinanceUS.
- The crypto community expresses frustration with SEC’s baseless claims.
A crypto influencer shared snippets from the court hearing between Binance and the U.S. Securities and Exchange Commission (SEC), shedding light on the lack of evidence supporting the SEC’s claims and sparking a wave of criticism within the crypto community.
Lmao @ Binance v. SEC #FireGenslerCourt: "I want to know, are BAM assets going offshore? Is it happening or is it not? It's stunning to me that I've now asked this question to each of the SEC attorneys 5 times."SEC: "So currently the assets are not going offshore… We're not… pic.twitter.com/QkEY5HM2ji— Tree of Alpha (@Tree_of_Alpha) June 21, 2023
During the hearing, the court pressed the SEC to provide concrete evidence of assets moving offshore from BinanceUS, questioning the validity of the SEC’s concerns. However, the SEC admitted that there had been no such movements yet, leaving the court perplexed.
The court repeatedly sought clarification from the SEC attorneys regarding transfers and specific allegations of funds leaving U.S. entities, emphasizing the need for substantial evidence. The SEC’s responses failed to demonstrate any concrete proof of funds flowing out.
Footnotes from the court record reveal the court’s persistent inquiries into the SEC’s claims, highlighting the lack of clarity and supporting evidence provided by the SEC attorneys. The court’s skepticism grew as the SEC failed to substantiate its allegations of commingling customer assets or diversion against Binance.
Crypto enthusiasts reacted to these revelations, expressing frustration with the SEC’s baseless claims and attempts to instill fear in the crypto market. Many viewed the court hearing as a pivotal moment, exposing the SEC’s tactics and illustrating the potential triumph of the crypto industry in the face of unfounded regulatory actions.
Looks like the SEC tried to strike fear into the crypto market with baseless claims against Binance, but their naked truth was revealed in court. The glorious outcome of these cases could be a triumph for crypto markets.— Alex De Todt (@AlexDeTodt) June 21, 2023
One individual remarked on the SEC’s empty accusations, comparing the situation to fraudulent emperors who are ultimately exposed. They anticipated a glorious outcome for the crypto markets.
A researcher at Grayscale also raised concerns about the misuse of taxpayer dollars, suggesting that there should be repercussions for baseless lawsuits that can inflict significant damage without solid evidence.
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