In the SEC suit against Binance, former Binance.US CEO Catherine Coley, identified as "BAM CEO A," provided testimony to the SEC in 2022 during their investigation into insider trading. The testimony, which has now resurfaced as evidence in the case, focuses on the separation of Binance and Binance.US and the challenges faced by Binance.US in achieving full independence. Coley expressed her desire for control over token custody and trading data but acknowledged the limitations due to service-level agreements with Binance.com. The suit quotes internal communications where Coley referred to efforts for more independence as "Project 1776" and discussed wash trading. The inclusion of Coley's testimony and internal communications as evidence indicates their significance in supporting the SEC's allegations against Binance. This development highlights the importance of testimonies and internal communications in legal proceedings and their potential impact on the outcome of the lawsuit and future cryptocurrency regulations.

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