I just read Binance's formal response to the SEC's lawsuit, so you don't have to.
Here are the key arguments they submitted to the courts today.
It's an embarrassingly weak defense... [thread]
The primary framing of the document, and the primary argument for the court to deny the SEC its request for a temporary restraining order (TRO) to halt Binance activities is...
"Why now?"
That's the best Binance has...
The first assertion that Binance's lawyers make is that the SEC has no right to ask the courts to interject.
Which seems a little comical, as the SEC's mandate is to enforce securities law and they believe Binance has flouted those laws.