Key takeout
Binance and the SEC have filed a joint claim for a 60-day suspension in legal proceedings. The SEC’s new cryptographic task force may affect the resolution of ongoing cases.
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First reported by FOX business journalist Eleanor Terrett, the US SEC and Binance filed a joint complaint to suspend the 60-day legal process. She suggests that the development will allow other companies facing non-fuel litigation, especially Ripple, Coinbase, and Kraken, to do the same.
The complaint was filed in the U.S. District Court for the District of Columbia on February 10, citing the SEC’s newly formed cryptographic task force as a key factor in the request. According to the submission, “The task force’s work could impact and facilitate the potential resolution of this case.”
Acting Chairman Mark Ueda immediately began reforms within the securities agency following the appointment of President Donald Trump.
On January 21st, under Uyeda’s guidance, the SEC announced the creation of a Cryptody Task Force, led by known Cryptocrat Commissioner Hester Peirce.
The initiative aims to pivot from enforcement-led regulations to aggressive policy decisions. The ultimate goal is to address regulatory clarity and encourage the development of proactive guidelines.
The SEC previously brought legal action against its affiliate, Binance, with former CEO Changpeng Zhao claiming that the company operates as an unregistered stock exchange, broker, dealer and clearing agency. Masu. They also accused Binance of misleading investors of risk management, corrupting transactions and covering up people running the platform.
Binance was further sued for promoting unregistered securities, including BNB, Binance’s native tokens and other digital assets such as Sol and ADA. However, in June 2024, a federal judge dismissed the SEC’s claim that the sale of BNB to retail users is a securities.
Discussing the joint move, Binance said the team is evaluating the Uyeda chairman’s work on digital asset regulation. Binance said they are working to resolve the case and are committed to continuing to operate as a safe, licensed and reliable exchange.
“We have spoken to interim chairman Weda about his thoughtful approach to ensuring that digital assets receive appropriate legislative and regulatory focus in this new golden age of blockchains across the US and around the world. I’m grateful,” said a Binance spokesman. “The SEC case is always without merit and we want to keep this behind us and continue to focus on maintaining the safest, licensed, reliable exchange in the world.”
Coinbase faces similar charges for its unregistered securities operations. The SEC also alleged that Coinbase was unable to register crypto assets offers and sales through its risk program.
Meanwhile, Ripple’s long legal showdown focusing on XRP token classification has been announced in the Second Circuit after the SEC appealed that XRP was not secure if it was sold to a retail investor on the exchange in July 2023. continues in the Court of Appeals.
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