SEC and Binance Respond to Eeon’s Intervention Request in Lawsuit
The United States Securities and Exchange Commission (SEC) and Binance have submitted their responses to the entity “Eeon,” which sought to intervene on behalf of customers in the SEC’s case against the cryptocurrency exchange.
Both Binance and the SEC objected to Eeon’s request for intervention in the lawsuit, arguing that it does not fulfill the required legal criteria for intervention and consent, as per the U.S. District Court for the District of Columbia.
The SEC further contends that Eeon has a track record of multiple unsuccessful attempts at representing itself in court cases.
The SEC asserts that the Securities Exchange Act prohibits private litigants from intervening, rendering Eeon’s request impermissible. Furthermore, the SEC argues that Eeon’s involvement in the lawsuit would have minimal impact since their claims align with those of the defendants and do not meet the intervention requirements. Additionally, the agency points out that Eeon’s counterclaims are contradictory in nature.
Binance, on the other hand, presents three reasons for dismissing Eeon’s petition: first, the lack of consent from the SEC; second, Eeon’s failure to establish itself as a legitimate party of interest; and third, its inability to meet the necessary legal requirements for intervention.
Both the SEC and the defendants, Binance and its CEO Changpeng “CZ” Zhao, are in agreement opposing any intervention by Eeon in the SEC’s lawsuit against Binance and its CEO.
In a separate legal matter, Binance has filed a motion to dismiss the lawsuit brought against it by the U.S. Commodity Futures Trading Commission (CFTC). Binance argues that the CFTC is overstepping its regulatory boundaries by attempting to regulate foreign individuals and corporations operating outside the U.S., surpassing its statutory jurisdiction. However, the court’s extended deadlines for the submission of responses by both the CFTC and Binance mean that the dismissal process is anticipated to extend into 2024.