Timothy Massad tells CoinDesk TV’s “First Mover” that the CFTC’s filing is “really quite striking.”

CFTC’s lawsuit against Binance, the largest crypto exchange by trading volume, is a “big deal,” according to Timothy Massad.

CFTC’s former chairman, now a research fellow at Harvard University’s John F. Kennedy School of Government, said the complaint contains a lot of detail. This suggests [CFTC] did have some information from people inside. In a recent interview with CoinDesk TV’s “First Mover,” he said the level of detail is “really striking.”

Zhao replied on his blog post that the complaint “appears to contain an incomplete recitation of facts,” adding that the exchange does not agree “with the characterization of many of the issues alleged in the complaint.”

It is unlikely that the CFTC’s lawsuit against Binance will lead Congress to pass legislation regulating the crypto industry in the U.S., according to Massad.

During the Obama administration, Massad led the CFTC for nearly three years.

“I think there’s a really quite a variety of views from those who are very skeptical about crypto and do not want to pass a law that would legitimize it too much, and those who … believe in the innovative potential and would like to see greater regulatory clarity as well as rules that allow for more innovation,” said.