The United States Securities and Exchange Commission (SEC) and Binance have both responded to the involvement of the entity called “Eeon” in the SEC’s case against the crypto exchange.
In the U.S. District Court for the District of Columbia, both the SEC and Binance opposed Eeon’s request to intervene in the lawsuit, stating that Eeon does not meet the necessary legal requirements for intervention and consent.
The SEC argued that Eeon has a track record of repeatedly attempting to represent itself in court cases without success.
Furthermore, the Securities Exchange Act prohibits private litigants from intervening, making Eeon’s request impermissible.
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The SEC also contended that Eeon’s involvement in the lawsuit would have no significant impact, as their claims align with those of the defendants and do not fulfill the requirements for intervention.
Additionally, the agency pointed out that Eeon’s counterclaims are contradictory in nature.
Binance, in its response, cited three grounds for dismissing Eeon’s petition: the lack of consent from the SEC, Eeon’s failure to establish itself as a legitimate party of interest, and its inability to meet the necessary legal requirements for intervention.
Both the SEC and the defendants, Binance and its CEO Changpeng “CZ” Zhao, are unified in their opposition to any intervention by Eeon in the SEC’s lawsuit against Binance and its CEO.
Meanwhile, Binance has taken steps to dismiss the lawsuit brought against it by the U.S. Commodity Futures Trading Commission (CFTC).
The exchange argued that the CFTC’s attempt to regulate foreign individuals and corporations outside the U.S. exceeds the limits of its statutory jurisdiction.
However, due to extended court deadlines for responses by both the CFTC and Binance, the dismissal process is expected to extend into 2024.
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