The Mango Markets case could help Binance defend against the SEC

On April 26, Binance and related parties filed a government document unrelated to the case of Mango Markets developer Abraham Eisenberg, who was convicted by a jury on April 18. Binance's defense team drew attention to a specific paragraph in which the US government expressed its position on whether a particular stablecoin, USDC, was a security.
Attorney Damian Williams argued on behalf of the US government that there is no factual basis for treating USDC as a security, and that holders of USDC do not expect to profit from the token because it is pegged to the US dollar. This argument precludes a possible exception to classifying MGNO Perpetuals based on the value of USDC as hybrid swaps.
This argument has helped government prosecutors in the Eisenberg case, but it could also benefit defendants facing securities violations in other cases, such as Binance.