- Binance and SEC file joint motion to pause lawsuit for 60 days
- Establishment of the new crypto task force could resolve the case
Binance and SEC filed a joint motion to pause the lawsuit for 60 days, which may lead to a long-awaited resolution and may not be just for Binance. The establishment of the new crypto task force under SEC Commissioner Hester Peirce may “impact and facilitate the potential resolution of this case.”
More About the SEC vs Binance Case
Recall that the case dates back to June 2023 when the SEC filed a lawsuit against Binance and its co-founder Changpeng Zhao, accusing them of 13 violations of U.S. securities laws. The case carried on for several years, and France’s National Jurisdiction for the Fight against Organized Crime (JUNALCO) began investigating Binance for money laundering, tax fraud, and drug trafficking.
However, with the arrival of the new Donald Trump administration, and his pro crypto initiatives, which include a new crypto task force – the situation could change dramatically, especially given the unprecedented way that Binance and SEC jointly filed the motion.
As SEC Commissioner Hester Peirce said:
“it may impact and facilitate the potential resolution of this case.”
Conclusion
This is an unprecedented case, which can probably be seen as a very telling sign of solidarity between regulators and major crypto industry players, including regarding their concerns.
It would be reasonable to assume that the cases against Ripple and Coinbase could also go this way, although there are no direct hints for that right now.
Be aware and stay tuned for updates on the rapidly reshaping crypto landscape.
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