The Mysterious Case of Catherine Coley
Once the captain of the Binance.US ship, Catherine Coley has reeled in her figurative sails since her departure in 2021. However, she’s now back in the spotlight as her 2022 testimony for the SEC has surfaced, raising some eyebrows (and potentially some eyebrows on the SEC), especially as it relates to insider trading and independence of operations at Binance.US.
What Did She Blabber About?
As the SEC looks into the murky waters of cryptocurrency trading, Coley’s lengthy testimony has surfaced as Exhibit 86 in the ongoing lawsuit. With pages stretching from 135 to 336, you might say it’s a binge-worthy read for those entertained by financial drama. The testimony mainly centers around the supposed lack of separation between Binance and its American counterpart, which has now become a hot topic in the SEC’s allegations.
Forever Linked: Binance & Binance.US
Having taken the helm of Binance.US in 2019, Coley quickly found herself tethered to a ship she wanted to navigate alone. She candidly expressed her desire for full independence in handling operations. The service-level agreements—esoteric documents that any crypto enthusiast might find as riveting as watching paint dry—played a significant role in her frustrations, as they dictated the operational relationship between Binance and Binance.US.
- Master Services Agreement
- Wallet Custody Agreement
- Software License Agreement
- Trademark Agreement
Coley’s desire shone through when she testified, “I wanted full independence of everything, but that wouldn’t necessarily be possible… given our reliance on some of those components.” Her yearning for independence would prove to be as real as cryptocurrency volatility.
Wallet Woes and Data Dilemmas
The wallet custody agreement was a particular thorn in her side. She lamented, “The wallet and custody was one that I wanted to have at least U.S. participation in so that we would have control over the custody of the tokens.” If that statement doesn’t scream, “I need control over my digital toys!” then we don’t know what does. Coley emphasized her need for raw data interaction, illustrating how the complexities of data management in crypto can rival a bad soap opera plot twist.
Coley’s Fight for Independence: Project 1776
Pushing for more autonomy, she referred to her strategies for achieving that independence as “Project 1776.” Yes, she went for the historic reference; it sounds more dramatic than simply saying she wanted “freedom.” The details were shared in emails, hinting at another serious effort amidst the seemingly whimsical nature of cryptocurrency.
As the SEC lawsuit unfolds, the finer points of Coley’s testimony promise to put a spotlight on the turbulent times within the industry and raise questions of governance and integrity that could resonate far beyond the walls of SEC hearing rooms.
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