Check out my new article:
   [1]https://litigationfinancejournal.com/binance-and-coinbase-vs-the-sec
   /
   On June 5, 2023, the United States Securities and Exchange Commission
   (SEC) sued the world’s largest cryptocurrency exchange, Binance, for
   allegedly misleading investors and regulators while operating an
   unregistered exchange. One day later, the SEC sued the largest
   cryptocurrency exchange in the United States, Coinbase, for similar
   allegations. Now, litigation financiers around the globe look on as top
   law firms organize to defend Binance and Coinbase against the SEC.
   Bloomberg Law reports that Binance and Coinbase have tapped some of the
   United States’ top law firms to defend their future to exchange nearly
   $120B in cryptocurrency token assets. The SEC claims that most of these
   tokens sum up to unregistered securities. Binance and Coinbase deny any
   wrongdoing.
   Agencies such as Lipton, Rosen & Katz, Milbank, Latham & Watkins,
   Wilmer Hale and Sullivan & Cromwell are among those said to bank
   upwards of $50M – $100M in legal fees for Binance’s and Coinbase’s
   defense against the SEC’s recent actions. Sullivan & Cromwell is
   reported to have billed over $80M in fees associated with the FTX
   Chapter 11 bankruptcy litigation, according to court documents.
   The SEC says that unregistered securities in the form of cryptocurrency
   violate US investor protection laws. Yet, former SEC leaders have
   joined Binance’s defense team. Richard Grime (of Gibson Dunn &
   Crutcher) has been hired by Binance. Mr. Grime formerly served as
   assistant director of the SEC’s enforcement division. William McLucas
   (of Wilmer Culter Pickering Hale and Dorr) formerly served as the SEC’s
   enforcement director. Mr. McLucus has been hired by BAM Trading
   Services, the operator of Binance.US.
   What does all of this mean for the litigation finance industry?
   Experts suggest that private actions could be explored by litigation
   investors and their clients in the wake of the SEC’s approach to
   cryptocurrency tokens being exchanged as unregistered securities.
   However, collectability remains a pertinent issue for litigation
   investors, as they consider whether to pursue crypto litigation
   funding.

References

   1. https://litigationfinancejournal.com/binance-and-coinbase-vs-the-sec/