SEC and Binance hit the pause button on lawsuit

-

These two have been battling it out in court, but now have decided to take a 60-day timeout. Why?

Because regulators are trying to figure out the crypto rules, and this could totally change how digital assets are watched over in the U.S.

Stay ahead in the crypto world – follow us on X for the latest updates, insights, and trends!🚀

Joint motion for a breather

On February 10, the SEC, along with Binance, BAM Trading Services Inc., BAM Management US Holdings Inc., and Changpeng Zhao, filed a joint motion asking the court to put their legal fight on hold for 60 days.

They submitted this to the U.S. District Court for the District of Columbia. Basically, they want to chill while the SEC’s new crypto task force gets its act together and creates some regulatory guidelines.

The Hester Peirce task force

This task force, started by Acting SEC Chairman Mark T. Uyeda and led by Commissioner Hester Peirce, a known crypto-supporter, could seriously influence the Binance case.

Even Binance and CZ agreed that pausing the lawsuit would be a good idea, potentially leading to a quicker resolution.

BAM Trading Services Inc. and BAM Management US Holdings Inc., which run Binance.US, are also caught up in this mess. The SEC claims they, along with Binance and CZ, broke securities laws.

Why the pause makes sense

The motion argues that this pause will save time and money for everyone involved, including the court.

If they can reach an agreement during this time, they might not even need to go through all the legal discovery and court reviews.

Both sides are clear that this is just a temporary break and won’t mess with existing court deadlines.

If the court says yes to the pause, both sides will give a status report after 60 days to see if they need more time.

The idea is that the SEC’s new crypto rules could help settle the allegations against Binance and its buddies, and more importantly, the end result of this case could set a standard for how all crypto companies are regulated in the U.S.

Have you read it yet? Ripple’s stablecoin just hit $100M


Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.

LATEST POSTS

Bybit is closing doors after a $1.4 billion blow

The big shot crypto exchange is done. They’re just pulled the rug out from under a selection of its Web3 services. Wallets, NFT marketplaces, and...

SEC hits pause on Ethereum ETF staking decisions, again

The crypto market is waiting for the U.S. Securities and Exchange Commission to make a move. But instead of delivering answers, they’ve hit the snooze...

Google’s crypto ad rules are a big win for safety but a blow to small players?

Google’s laying down the law on crypto ads in Europe starting April 23, and it’s got the industry buzzing. If you’re a crypto exchange or...

Bitpanda’s triple crown: Austria’s MiCAR license secures its crypto throne

The Vienna-based fintech unicorn just pulled off a hat trick in the world of crypto regulation. They’ve bagged their third Markets in Crypto-Assets Regulation license,...

Most Popular

Guest posts