SEC, Binance, and Changpeng Zhao Seek 60-Day Stay in Ongoing Case
The U.S. Securities and Exchange Commission (SEC), along with Binance and its former CEO, Changpeng Zhao (commonly known as CZ), have jointly filed a motion to stay their ongoing legal case for a period of 60 days. This request aims to facilitate an early resolution and conserve resources, as outlined in a recent court filing submitted by a U.S. court on Monday.
This contentious case, which commenced in 2023, stems from allegations made by the SEC against Binance and BAM Management, the operating entity for Binance U.S. The SEC accuses them of violating securities laws, a claim that has sparked significant debate within the cryptocurrency community.
The court filing also highlighted the establishment of a newly launched Crypto Task Force, which is intended to aid in the potential resolution of this case. This Task Force was initiated on January 21 under the leadership of the new SEC Acting Chairman, Mark T. Uyeda. Its primary objective is to assist the SEC in developing a comprehensive regulatory framework for cryptocurrencies.
A spokesperson for Binance expressed gratitude towards Interim Chairman Uyeda, stating, “We are grateful to Interim Chairman Uyeda for his thoughtful approach to ensuring digital assets receive the appropriate legislative and regulatory focus in this new, golden era of blockchain in the U.S. and around the world. The SEC’s case has always been without merit, and we are eager to put this behind us and to continue our focus on keeping Binance the most secure, licensed, and trusted exchange in the world.”
In recent months, major cryptocurrency companies have been advocating for a reduction in regulatory actions by enforcement. The landscape has shifted notably, especially following the departure of former SEC Chair Gary Gensler, who was instrumental in taking numerous crypto firms to court. Additionally, President Donald Trump has issued an executive order that calls for more crypto-friendly policies, marking a significant turn in the ongoing regulatory dialogue surrounding digital assets.
