SEC, Binance Pause ongoing Legal Battle
SEC and Binance’s request for a 60-day halt in their ongoing legal battle.
This is the first significant cryptocurrency case to be halted since Mark Uyeda took over as SEC chair in January. Uyeda’s term began with the Crypto Task Force, led by SEC Commissioner Hester Peirce. Peirce, also known as “Crypto Mom,” has long supported the cryptocurrency industry and emphasized the need for more precise regulations.
The recent formation of the SEC’s Crypto Task Force was cited as a key element in the case in a motion submitted by both parties.
The outcome may be impacted by the task force’s goal of creating a more transparent regulatory framework for the cryptocurrency sector.
The parties said, “The work of this task force may impact and facilitate the potential resolution of this case.”. Peirce blasted the SEC’s crypto enforcement strategy for being unrealistic and legally ambiguous.
She urged patience as the SEC works through ongoing rulemaking and litigation, stressing that it will take time and collaboration within the agency with other regulators to resolve these issues.
The motion stipulated that the SEC and Binance would jointly report after the 60-day stay to determine whether an extension is required.
The filing noted that the pause in proceedings could help both parties conserve legal resources and potentially lead to an early resolution.
Industry watchers point to a possible change in the SEC’s stance on enforcement actions on cryptocurrency, particularly where there are no fraud claims. Eleanor Terrett, a reporter for FOX Business, stressed that a recent request might mark a shift in regulatory approach.
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