As a major development, the crypto exchange Binance and the US Securities and the Stock Exchange Commission (SEC) made a common suggestion to pause legal proceedings for 60 days. This is the first major development in the Binance case after President Mark Uyeda took over SEC last month. According to the joint proposal submitted to the court, both sides showed the establishment of a crypto task force under Hester Peirce as the reason behind it.
Binance case will be paused for 60 days, what’s next?
Both sides in the Binance case made a common request to pause legal proceedings for a period of 60 days. Under the leadership of SEC’s crypto mother Hester Peirce, the filing referring to the potential effects of the newly created crypto task force by President Mark Uyeda. The request was presented to the US Regional Court of Columbia Region on 10 February 2025.
Both parties agree that the work of the task force may affect the solution of the case. The parties will submit a status report as to whether the extension is required at the end of the 60 -day period. Temporary pause aims to protect resources and to avoid more court transactions if an early solution is reached. The proposal states that this will eliminate Binance’s need to handle the amended complaints to reject.
Kriptokoin.comAs you have followed, last January, both Binance and its founder Changepng Zhao (CZ), stating how the US SEC’s complaint could not show howy test could not show how to reject the ongoing Binance case. They also argued that SEC did not provide a clear framework to distinguish between tokenlar sold to the court as an investment agreement and those sold as commodities such as Bitcoin (BTC) and Ether (ETH).
Will the US SEC, Ripple and Kraken sue more lawsuits?
Following the development in the Binance case, Fox Business journalist Eleanor Terrett estimates that other non -fraud crypto cases, including organizations such as Ripple, Coinbase and Kraken, can follow a similar way. This move emphasizes a potential change of how to approach regulatory cases against crypto currency companies under the new leadership of SEC.
Last week, SEC’s crypto task force established an official website while trying to clarify the implementation of securities laws for digital assets. The task force proposes practical policy measures aimed at promoting innovation while protecting investors. Planning to work in cooperation with the SEC personnel and interact with the public to achieve its goals, the task force is trying to pave the way for a new approach to crypto arrangements.
