Prosecutor Jeremy Hogan gave a legal assessment of the top five cryptocurrencies. According to him, Tether and BNB are in the “zonerisk of conflict with the SEC.”
Hogan has been covering the SEC's lawsuit against Ripple since last December. He now warns that Tether and BNB could be candidates for the next lawsuit.
Analyzing the situation with BNB, he indicated that BNB tokensfall under several criteria of the Howie test (if the test is positive, the coin falls under the securities law). In addition, the Binance ICO in 2017 falls under the description of an investment contract (one of Howie's criteria).
Binance held a real ICO in 2017. The initial coin offerings are both described by Chairman Clayton and Chairman Gensler as investment contracts.
In addition, according to Hogan, Binance is actingtoo centralized, and the Commission specifically targets centralized financial institutions. In his opinion, the probability that the SEC will sue Binance is 85%.
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