Michaela
The U.S. Securities and Exchange Commission (SEC) and Binance have jointly requested a 60-day pause in their legal battle. This is the first major crypto case to be put on hold since Mark Uyeda became acting SEC chair.
A February 10 court filing reveals that the joint motion sought to pause legal proceedings, citing the formation of the SEC’s Crypto Task Force and its potential impact on regulations.
“The work of this task force may impact and facilitate the potential resolution of this case,” the motion stated. “As this is a joint motion, there is no prejudice to any party here, and a stay could save the Parties resources because, if an early resolution could be reached, it would obviate the need to continue merits discovery. Further, this brief stay will promote the efficient use of the Court’s resources,” the parties added.
Fox Business reporter Eleanor Terret suggested that this decision could set a precedent, prompting other cryptocurrency firms, including Ripplе, Kraken, and Coinbase, to pursue similar joint motions with the SEC.
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At the end of the 60-day period, Binance and the SEC intend to submit a joint report assessing whether an extension of the stay is necessary.
SEC Launches Crypto Task Force
On January 21, acting SEC Chair Uyeda launched a new task force designed to address the longstanding concerns of the digital assets industry. The initiative will be led by Commissioner Hester Peirce, widely recognized for her pro-crypto stance and often referred tо as “Crypto Mom” within the industry.
“The Task Force’s focus will be to help the Commission draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously,” the SEC stated in the filing for the Crypto Task Force.
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On February 4, Commissioner Peirce released a statement regarding the task force. “The Task Force is working to help create a regulatory framework that both achieves the Commission’s important regulatory objectives — including protecting investors — and preserves industry’s ability to offer products and services,” Peirce stated.
“This framework will be within the statutory authority given to the сommission, and we will work with other regulators operating within their own statutory authorities,” the commissioner added.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
