According to crypto journalist Eleanor Terrett, the US Securities and Exchange Commission (SEC) and cryptocurrency exchange Binance have filed a joint application with the court to postpone the case between them for another 60 days.
The parties stated in the latest court filing that they had “productive” discussions. Some of the discussions were related to the work of the SEC’s Crypto Task Force. The filing also emphasized that the temporary suspension of the case was in the best interest of all parties. A new update will be provided in 60 days.
The legal case between the SEC and Binance began in June 2023. The SEC accused Binance and its founder, Changpeng Zhao, of artificially inflating trading volumes, diverting customer funds, and misleading investors about oversight mechanisms.
The SEC Crypto Task Force, led by Republican Commissioner Hester Peirce, known for being a crypto-friendly, is playing a key role in the case. President Donald Trump has vowed to make the US a global hub for crypto. Trump has also nominated Paul Atkins, a Washington attorney known for his positive approach to crypto, to be SEC Chairman. Atkins replaces Gary Gensler, who was fired and likened the crypto sector to the “Wild West,” advocating for tighter regulation.
*This is not investment advice.
