Binance and related parties submitted a government document unrelated to the case of Mango Markets developer Abraham Eisenberg, who was convicted by a jury on April 18th. Binance's defense team drew attention to a specific paragraph in which the US government expressed its position on whether the specific stablecoin USDC is a security.

Lawyer Damian Williams, representing the US government, pointed out that there is no factual basis for considering USDC as a security, and that USDC holders do not expect to profit from the token because it is pegged to the US dollar. This argument eliminates the possibility of classifying MGNO Perpetuals, which are based on the value of USDC, as a possible exception to the hybrid exchange.

This argument provided assistance to the government prosecutor in the Eisenberg case, but it may also benefit other defendants facing securities violations in other cases, such as Binance.