Binance submits government documents related to Mango Markets developer case, which may help its defense

Binance and related parties filed a government document on April 26 in connection with the case of Mango Markets developer Abraham Eisenberg (unrelated to the Binance case), who was convicted by a jury on April 18. Binance’s defense team drew attention to a specific paragraph in which the U.S. government expressed its position on whether USDC is a security. Lawyer Damian Williams, on behalf of the U.S. government, noted that there is “no factual basis to consider USDC a security,” adding that “USDC holders do not expect to profit from the token” because it is pegged to the U.S. dollar. This argument rules out possible exceptions to classifying MGNO Perpetuals based on the value of USDC as hybrid swaps and helps government prosecutors in the Eisenberg case, but could also benefit defendants facing securities violations in other cases, such as Binance. It’s worth noting that the relevance of this case may be limited. The U.S. SEC has accused Binance of multiple securities violations, but each case targets different products. Furthermore, the latest filings are solely related to the SEC’s civil securities lawsuit against Binance Holdings Ltd. and its former CEO CZ and related companies. (Crypto Slate)