The head of the US derivatives watchdog said the lawsuit against Binance is probably his “most significant” cryptocurrency case to date, setting up a make-or-break contest with ramifications for the crypto market and Washington.
The lawsuit, announced on Monday, has set the Commodity Futures Trading Commission, one of the US’s smaller federal regulators, against Binance, the world’s largest crypto exchange.
A win for the CFTC would be a boon for the agency’s standing as a top US crypto cop, which has suffered from perceptions it was too lenient with Binance’s collapsed rival FTX, while sending a clear message to digital asset platforms that attempt to circumvent federal rules.