The US Securities and Exchange Commission (SEC) along with cryptocurrency exchange Binance have requested a US federal judge for an extra two-month delay in their ongoing legal struggle lasting nearly two years.
“Since the Court paused this case, the Parties have been engaged in fruitful discussions, including dialogues about how the activities of the crypto task force may influence the SEC’s allegations,” both parties stated in a joint status report submitted to the US District Court for the District of Columbia on April 11.
SEC urges Binance to concur with the extension
As per the submission, the SEC has proposed, and Binance has agreed to a further 60-day extension while the regulator persists in seeking authorization to “approve any settlement or modifications to the parameters of this litigation.”
“The Defendants agreed that prolonging the stay is suitable and advantageous for judicial efficiency,” the submission indicated.
This request follows shortly after the SEC dismissed multiple crypto-related lawsuits against cryptocurrency exchanges Coinbase, Kraken, and Gemini, as well as Robinhood and ConsenSys.
At the conclusion of the 60-day interval, the SEC and Binance intend to present another joint status report. This represents the second 60-day suspension requested by the SEC and Binance this year, following a preceding extension approved by the judge on February 11.
The newly established crypto task force was a significant factor in the request for the second extension. Source: CourtListener
The February request was made merely days after crypto skeptic Gary Gensler departed from his role as SEC chair on January 20, with crypto-advocate SEC commissioner Mark Uyeda stepping in as acting chair.
At that moment, the SEC and Binance also pointed to the formation of the SEC’s Crypto Task Force as a rationale for the delay.
Related: Crypto Biz: Ripple’s ‘defining moment,’ Binance’s continuing purge
Established just a day following Gensler’s resignation on January 21, the task force indicated that its goal is to “assist the Commission in establishing clear regulatory boundaries, offer practical pathways to registration, formulate reasonable disclosure frameworks, and allocate enforcement resources wisely.”
The SEC’s legal confrontation with Binance has persisted for nearly two years. It initiated in June 2023 when the agency lodged a lawsuit against Binance, its US platform, and CEO Changpeng “CZ” Zhao.
The US regulator alleged 13 offenses against Binance, including unauthorized offers and sales of the BNB and Binance USD tokens, the Simple Earn and BNB Vault offerings, along with its staking initiative.
Magazine: Memecoin degeneracy is financing groundbreaking anti-aging research
