{"id":198580,"date":"2023-11-22T20:44:18","date_gmt":"2023-11-22T15:14:18","guid":{"rendered":"https:\/\/dripp.zone\/news\/ex-sec-chief-says-how-the-binance-settlement-is-a-win-win-for-sec-crypto-news\/"},"modified":"2023-11-22T20:44:20","modified_gmt":"2023-11-22T15:14:20","slug":"ex-sec-chief-says-how-the-binance-settlement-is-a-win-win-for-sec-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ex-sec-chief-says-how-the-binance-settlement-is-a-win-win-for-sec-crypto-news\/","title":{"rendered":"Ex SEC Chief Says How The Binance Settlement Is A Win-Win For SEC – Crypto News"},"content":{"rendered":"

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Despite the SEC\u2019s absence from the press conference, former Chief of the SEC Office of Internet Enforcement, John Reed Stark, argues that the SEC has scored a significant win.<\/p>\n

In a lengthy X post, the ex-SEC Chief has argued that the Binance-related settlements have provided the SEC with a wealth of fresh evidence. In the future, it will reinforce their accusations and contentions against Binance and other crypto firms. The newfound evidence, extracted from various documents and pleadings, is expected to support the SEC\u2019s stance on cryptocurrency<\/a>.<\/p>\n

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The imposition of independent monitorships on Binance by the DOJ, FinCEN, CFTC, and the Treasury Department was fruitful. The monitors have played a vital role in the Binance verdict<\/a>. These monitors, tasked with ensuring compliance and reporting to the government, present a unique opportunity for the SEC. Stark mentioned that the monitors could serve as channels for the SEC to gather additional evidence. The monitors will ask questions, seek documents, and potentially even present monitors as witnesses in related proceedings.<\/p>\n

Former SEC Chief Bolster The Mandate Cooperation<\/h2>\n

Ex-SEC Chief John Reed Stark highlights the remarkable level of cooperation mandated by all federal government orders. This remarkable level of cooperation could prove punishing for Binance and its CEO, CZ, creating opportunities for the SEC.<\/p>\n

The cooperation requirements could serve as leverage during investigations or disputes. The fear of SEC complaints about a lack of cooperation might push Binance to comply, preventing additional fines or penalties.<\/p>\n

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He further derived that The filing of SARs mandated by the FinCEN Consent Decree offers a constant flow of leads for the SEC. With access to SARs, the new Binance-related reports could provide an endless stream of evidence for SEC investigators and litigators.<\/p>\n

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Also Read: Changpeng Zhao Released: Former Binance CEO Out From Custody on $175 Million Bond, What\u2019s Next?<\/a><\/strong><\/p>\n

Judicial Recognition and Future Allegations<\/h2>\n

Federal Judges Faruqui and Jackson, presiding over the SEC\/Binance civil enforcement litigation, now have a clear view of the criminal conduct evidenced in the recent settlements.<\/p>\n

The gravity of Binance\u2019s misconduct, such as facilitating Money Laundering and enabling sanctions evasion, will likely influence the judicial proceedings. Stark suggests that the SEC could enhance its case by adding Anti-Money Laundering (AML)<\/a>-related claims, leveraging the extensive AML violations revealed in the recent documents.<\/p>\n

While the DOJ, CFTC, and FinCEN settle with Binance, the SEC\u2019s absence from the plea party does not diminish its strategic advantage. The SEC\u2019s silent victory lies in the wealth of evidence and opportunities generated by the settlements and imposed monitorships.<\/p>\n

Also Read: Breaking: Binance CEO Resigns as Part of DOJ Settlement; Pleads Guilty<\/a><\/strong><\/p>\n

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