Key Takeaways
- Binance and SEC filed a joint motion for a 60-day pause in their legal proceedings.
- The SEC’s new crypto task force may influence the resolution of ongoing cases.
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The US SEC and Binance have filed a joint motion to pause their legal proceedings for 60 days, according to FOX Business journalist Eleanor Terrett. She suggests this development could open the door for other companies facing SEC lawsuits—especially in non-fraud cases, like Ripple, Coinbase, and Kraken—to do the same.
🚨NEW: Here’s the first requested pause on #crypto litigation in the courts since @MarkUyedaUS took over as acting chair. @binance and the @SECGov have just filed a joint motion to stay the agency’s case against the exchange for 60 days, citing the new SEC crypto task force as… pic.twitter.com/D2zcolMNC5
— Eleanor Terrett (@EleanorTerrett) February 11, 2025
The motion, submitted to the US District Court for the District of Columbia on Feb. 10, cites the SEC’s newly established crypto task force as a key factor in the request. According to the filing, “the work of this task force may impact and facilitate the potential resolution of this case.”
Acting Chairman Mark Uyeda promptly initiated reforms within the securities agency following President Donald Trump’s appointment.
On Jan. 21, the SEC, under Uyeda’s leadership, announced the formation of a Crypto Task Force led by Commissioner Hester Peirce, a known crypto advocate.
The initiative is aimed at pivoting from enforcement-led regulation to proactive policy-making. The ultimate goal is to address regulatory clarity and encourage proactive guidelines development.
The SEC previously brought legal action against Binance, its affiliated entities, and former CEO Changpeng Zhao, alleging that the company operated as an unregistered securities exchange, broker, dealer, and clearing agency. They also accused Binance of misleading investors about risk controls, corrupting trading volumes, and concealing who was operating the platform.
Binance was further sued for promoting unregistered securities, including BNB, Binance’s native token, and other digital assets like SOL and ADA. However, in June 2024, a federal judge dismissed the SEC’s argument that BNB on secondary markets were securities.
Coinbase faces similar charges regarding unregistered securities operations. The SEC also alleged that Coinbase failed to register the offer and sale of its crypto assets through its Staking Program.
Meanwhile, Ripple’s lengthy legal face-off, centered on XRP token classification, continues at the Court of Appeals for the Second Circuit after the SEC appealed a July 2023 ruling that XRP wasn’t a security when sold to retail investors on exchanges.
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