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Binance and SEC Legal Battle Paused Amid Regulatory Task Force Formation

A U.S. District Court has granted a 60-day stay in the legal battle between Binance and the SEC, citing the formation of a new crypto task force focused on establishing a clear regulatory framework for digital currencies.
Published on 2025-02-14

Binance and SEC Legal Battle Paused Amid Regulatory Task Force Formation

A U.S. District Court has granted a 60-day stay in the legal battle between Binance and the Securities and Exchange Commission (SEC). The stay, ordered by Judge Amy Berman Jackson, directs both parties to submit a joint status report by April 14. This pause comes after a joint motion filed by Binance and the SEC, citing the formation of the SEC's new crypto task force, which aims to establish a clear regulatory framework for digital currencies.

SEC's New Crypto Task Force and Regulatory Priorities

The SEC's new crypto task force, led by Commissioner Hester Peirce, has outlined key priorities, including the potential classification of certain tokens as "non-securities." This initiative reflects a shift in the SEC's approach to cryptocurrency regulation under the current administration. Previously, under former Chair Gary Gensler, the SEC took a more cautious stance, requiring crypto firms to register with the agency and pursuing multiple lawsuits for registration violations, including actions against Binance.

Binance's Legal History with the SEC

In 2023, the SEC filed a lawsuit against Binance, alleging the platform was unregistered and had misrepresented its trading controls. Separately, Binance and its former CEO, Changpeng Zhao, admitted to violations of the Bank Secrecy Act and agreed to pay over $4 billion to settle a Justice Department investigation.

Coinbase's Ongoing Legal Battle with the SEC

Another high-profile case involves the SEC suing Coinbase (NASDAQ:COIN) in 2023 for allegedly operating without proper registration as a broker, exchange, and clearing agency. Coinbase appealed the lawsuit in April, and a New York judge approved the exchange's request to appeal. The SEC is scheduled to reply to Coinbase's appeal this Friday.

This development highlights the evolving regulatory landscape for cryptocurrencies and the ongoing legal challenges faced by major crypto exchanges in the U.S.

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