In a major development, crypto exchange Binance and the U.S. Securities and Exchange Commission (SEC) have filed a joint motion to pause the legal proceedings for 60 days. This is the first major development in the Binance lawsuit after Chairman Mark Uyeda took charge of the SEC last month. As per the joint motion filed with the court, both parties have cited the establishment of the crypto task force under Hester Peirce as the reason behind it.
Binance Lawsuit to Pause for 60 Days, What’s Next?
Both parties in the Binance lawsuit have filed a joint motion to pause the legal proceedings for a period of 60 days. The filing cites the potential implications of the SEC’s newly formed crypto task force by Chairman Mark Uyeda, under the leadership of crypto mom Hester Peirce. The motion was filed on February 10, 2025, in the U.S. District Court for the District of Columbia.
Both parties agree the task force’s work could impact case resolution. At the end of the 60-day period, they will submit a status report on whether an extension is needed. The temporary pause aims to conserve resources and potentially avoid further court proceedings if an early resolution is reached. The motion notes this would eliminate the need to address Binance’s pending motions to dismiss the amended complaint, as per the filing.
Last month in January, both Binance and founder Changepng Zhao (CZ) filed a motion to dismiss the ongoing Binance lawsuit stating that the US SEC has failed to demonstrate how its complaint satisfies the Howey test. They further argued that the SEC has not provided a clear framework for the court to differentiate between tokens sold as investment contracts and those sold as commodities, such as Bitcoin (BTC) and Ether (ETH).
Will US SEC Drop More Lawsuits Like Ripple, Kraken, Etc?
Following the development in the Binance lawsuit, Fox Business journalist Eleanor Terrett anticipates that other non-fraud crypto cases involving entities such as Ripple, Coinbase, and Kraken may follow a similar path. The move highlights a potential shift in how regulatory cases against cryptocurrency firms are being approached under the SEC’s new leadership.
The Story is developing further….
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