Key Points:

• The U.S. Securities and Exchange Commission (SEC) and Binance have filed a motion to pause their legal case for 60 days.
• This temporary halt may facilitate a quick resolution to their ongoing issues.

The SEC, along with Binance and its former CEO Changpeng Zhao, has requested a 60-day stay on their case in court. This move is intended to enable a potential early resolution and to conserve resources, as noted in a recent court filing.

The case was initiated by the SEC in 2023, alleging Binance and its operating entity BAM Management, along with Zhao, of breaching securities laws.

The newly formed Crypto Task Force, which was established on January 21 by Acting Chairman Mark T. Uyeda, is expected to assist in addressing the complexities of this case and to help shape a regulatory approach for the cryptocurrency sector.

A spokesperson for Binance commented: “We are grateful to Interim Chairman Uyeda for his thoughtful approach to ensuring digital assets receive the appropriate legislative and regulatory focus in this new, golden era of blockchain in the U.S. and around the world. The SEC’s case has always been without merit and we are eager to put this behind us and to continue our focus on keeping Binance the most secure, licensed and trusted exchange in the world.”

Notably, the atmosphere surrounding cryptocurrency regulation has shifted as former SEC Chair Gary Gensler, known for legal actions against many crypto firms, has stepped down. In his place, President Donald Trump has advocated for more crypto-friendly policies through an executive order.