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Legal Proceedings on Hold
The U.S. Securities and Exchange Commission (SEC) and Binance have jointly requested a 60-day extension to pause their ongoing legal proceedings. This motion, filed on April 11, 2025, cites “productive discussions” between the two parties and the potential impact of the SEC’s newly established crypto task force on the case.
Background on the Legal Dispute
The legal battle began in June 2023 when the SEC filed a lawsuit against Binance, alleging unregistered offers and sales of digital assets, including BNB and Binance USD tokens, as well as issues with Binance’s staking program. The lawsuit also accused Binance of operating an unlicensed securities exchange in the U.S.
Establishment of SEC’s Crypto Task Force
In January 2025, the SEC formed a Crypto Task Force under Acting Chairman Mark Uyeda. The task force aims to clarify regulatory guidelines for digital assets, provide pathways for registration, and collaborate with industry stakeholders to harmonize regulations.
Implications of the Pause
This second 60-day pause reflects a shift in the SEC’s approach to cryptocurrency regulation, moving towards a more collaborative stance with industry participants. Both the SEC and Binance have agreed to reassess the need for further extensions at the end of this period.
Looking Ahead
The outcome of these discussions and the direction of the SEC’s crypto task force could significantly influence the regulatory landscape for cryptocurrency exchanges and digital asset offerings in the United States. Industry observers will be closely monitoring developments as the situation progresses.
