Prof. Alexander doubts SEC’s success against Binance.
- Professor Carol Alexander suggests that the U.S. Securities and Exchange Commission (SEC) may not win the lawsuit against Binance.
- In an interview with CNBC today, she reiterated the importance of cryptocurrency.
- Prof. Alexander believes that regulatory clarity will bring stability to the crypto market.
According to Professor Carol Alexander from the University of Essex, it is possible that the SEC may not succeed in its legal battle against Binance.
Here’s why SEC may lose to Binance
Professor Alexander is not sure if the SEC has enough financial resources to take on Binance, especially after spending a lot of money on its ongoing legal case against Ripple.
“I’m not sure the SEC is going to succeed. Binance has very deep pockets and I’m not too sure about the financing of the SEC. After all, it comes from traditional finance and equity firms.”
However, it is worth noting that Binance and its affiliates, along with Coinbase Global Inc, lost more than $4.0 billion last week due to the SEC lawsuits.
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On Monday, Binance Nigeria Limited was also ordered to stop its operations.
Prof. Alexander reiterates the need for crypto
Nevertheless, Professor Carol Alexander agreed that some cryptocurrencies could be classified as securities, which is what the SEC claims in its lawsuit against Coinbase.
During an interview on CNBC’s “Squawk Box Europe”, she acknowledged that cryptocurrency could enable financial scams and fraudulent activities. However, she also said:
“We must have crypto. We can’t have a digital economy without blockchain. Can’t have blockchain without crypto. So, it must be regulated properly. Then we’ll only have a few bad players.”
Professor Alexander also pointed out that the traditional financial system is not completely free of fraudsters. She believes that regulatory clarity will bring stability to the broader crypto market.
