SEC, Binance unite against Eeon’s lawsuit intervention

The United States Securities and Exchange Commission (SEC) and Binance have submitted actions concerning the entity “Eeon,” which has looked for to step in on behalf of clients in the SECs case versus the crypto exchange.According to the U.S. District Court for the District of Columbia, Binance and the SEC objected to Eeons demand to intervene in the claim, pointing out that it does not meet the required legal requirements for intervention and consent.The SEC claims that Eeon has a history of repeatedly unsuccessfully representing itself in court cases.Screenshot of SECs reaction to the intervention petition. Source: CourtListenerThe SEC also declares the Securities Exchange Act forbids personal litigants from stepping in, making Eeons request impermissible. The SEC also argues that Eeons involvement in the lawsuit would have no substantial impact, as their claims align with those of the offenders and fail to fulfill the requirements for intervention. Furthermore, the firm states Eeons counterclaims are inconsistent in nature.Binance supplied three premises for dismissing Eeons petition: the lack of consent from the SEC, Eeons failure to develop itself as a genuine party of interest and its failure to meet the needed legal requirements for intervention.Screenshot of Binances reaction to the intervention petition. Source: CourtListenerBoth the SEC and the accuseds– Binance and its CEO Changpeng “CZ” Zhao — are united in their opposition to any intervention by Eeon in the SECs suit against Binance and its CEO.Related: Hester Pierce strikes back against SEC crypto cautioning to accounting firmsMeanwhile, Binance has submitted a movement to dismiss the lawsuit brought against it by the U.S. Commodity Futures Trading Commission (CFTC), arguing that the agency is trying to control foreign individuals and corporations outside the U.S., going beyond the limitations of its statutory jurisdiction. However, due to the courts prolonged deadlines for the submission of actions by both the CFTC and Binance, the dismissal procedure is anticipated to extend into 2024. Publication: Crypto regulation: Does SEC Chair Gary Gensler have the last say?