A motion filed on February 10 by both parties highlighted the recent creation of the SEC’s Crypto Task Force as a significant factor in the case. The task force aims to establish a more transparent regulatory framework for the crypto industry, which may impact the case’s outcome.
“The work of this task force may impact and facilitate the potential resolution of this case,”
both parties stated.
Peirce criticized the SEC’s approach to crypto enforcement for its legal imprecision and impracticality. On February 4, she acknowledged the regulatory complexity. She called for patience as the SEC navigates ongoing litigation and rulemaking, emphasizing that resolving these issues will require time and cooperation across the agency and with other regulators.
As part of the motion, the SEC and Binance agreed to submit a joint report at the end of the 60-day stay, assessing whether an extension is necessary. The filing noted that the pause in proceedings could help both parties conserve legal resources and potentially lead to an early resolution.
Industry observers note a potential shift in the SEC’s approach to crypto-related enforcement actions, especially for cases without fraud allegations. FOX Business reporter Eleanor Terrett emphasized that a recent request could be a turning point in regulatory strategy. This suggests that other firms, including Ripple, Coinbase, and Kraken, may also seek similar pauses in their cases.
This marks the first time a significant crypto-related legal case has been put on hold since Mark Uyeda assumed the role as SEC chair on January 20. Uyeda’s tenure began with establishing the Crypto Task Force on January 21, led by SEC Commissioner Hester Peirce. Peirce, a longstanding advocate for the crypto industry and often called “Crypto Mom,” has consistently emphasized the need for more explicit regulations.
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