Following this announcement, the motion to request a stay for 60 days marks the first clear initiative to retreat from the SEC's previous crypto enforcement under Democratic leadership. At the same time, the parties said the SEC’s task force may impact and facilitate the overall resolution of this case.
The stay was seen by some officials as an early sign of the SEC's pivot to a more crypto-friendly stance, reflecting President Donald Trump's pledge to make the US a worldwide hub for the industry.
According to Reuters, the US Securities and Exchange Commission was expected to begin an overall review of existing court cases, like those against Binance, where the regulator has argued that multiple firms and companies were listing crypto tokens that behave like securities.
Officials of the agency declined to provide any further details or comments before the court filing.
The SEC regulator sued Binance in June of 2023, accusing the firm of artificially inflating trading volumes, diverting customer funds, and misleading investors about its overall market surveillance controls. In the same period, Binance has engaged in talks with the US Securities and Exchange Commission to work on a deal that avoids a complete asset freeze. In essence, the deal aimed to protect USD billions in customer funds without shutting the exchange down as the SEC’s lawsuit proceeds.
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