The U.S. Securities and Exchange Commission (SEC) and Binance have requested a 60-day pause in their ongoing legal battle, attributing the request to the formation of the SEC’s new Crypto Task Force, which may influence future regulations.
Filed on February 10, the motion marks a significant development under the leadership of acting SEC Chair Mark Uyeda, as it is the first instance of a substantial cryptocurrency case being paused since his appointment. The motion requests a delay of 60 days to allow the task force to complete its work, which the SEC and Binance argue could facilitate the resolution of the case.
“The work of the newly formed task force may impact and help resolve this case,” the motion states. This pause could save both parties time and resources if an early resolution is reached, eliminating the need for further litigation.
An excerpt from the joint motion to stay by the SEC and Binance filed on Feb. 10, 2025. Source: CourtListener
Industry experts speculate that other cryptocurrency companies, such as Ripple, Coinbase, and Kraken, may also seek similar motions shortly. This request to pause the case is the first under Uyeda’s leadership, which began on January 20. Following the 60-day pause, the SEC and Binance intend to release a joint report to determine whether extending the stay is necessary.
Binance appreciated Uyeda’s “thoughtful approach,” praising the SEC’s efforts to establish appropriate legislative and regulatory focus on digital assets during this transformative period for blockchain technology in the U.S. and globally.
According to Eleanor Terrett, a reporter at FOX Business, this motion represents the first significant pause in crypto litigation since Uyeda assumed the SEC chairmanship. She anticipates that other companies involved in non-fraud cases, including Ripple, Coinbase, and Kraken, may soon file similar requests.
SEC Crypto Task Force Aims to Clarify Regulations
In his initial move as acting SEC chair, Uyeda introduced the SEC Crypto Task Force on January 21, to create a clear and consistent regulatory framework for the U.S. cryptocurrency industry. The task force is headed by SEC Commissioner Hester Peirce, a long-time crypto advocate affectionately known as “Crypto Mom.”
Peirce has acknowledged the challenges posed by the SEC’s current approach to cryptocurrencies, describing it as marked by “legal imprecision and commercial impracticality.” She emphasized that ongoing litigation and proposals for new rules have left many market participants uncertain about the regulatory landscape.
In a statement on February 4, Peirce emphasized the complexity of addressing these issues, noting that resolving them will require significant time and collaboration across multiple regulatory bodies. She called for patience as the task force works to navigate these challenges.
