Court documents show that the U.S. Securities and Exchange Commission (SEC) invited former Binance.US CEO Catherine Coley as a witness, citing her testimony when the SEC investigated the company in 2022, pointing out that Binance.US lacked independence: fully independent, but given our reliance on some of these components [four service-level agreements with Binance.com], that wasn’t necessarily achievable or possible at the time.” Meanwhile, Coley said, “I hope at least The United States participates in wallets and custody, so we can control the custody of tokens", transaction data is also included in the agreement, "I want to keep the data and be able to interact with the raw data in real time." In addition to the 2022 testimony, the SEC also cites Catherine Coley internal communications, which include her referring to Binance.US' efforts to gain more independence as "Project 1776," as well as interactions regarding wash trading.