The US Securities and Exchange Commission (SEC) and cryptocurrency exchange Binance have petitioned a US federal judge for an extra two-month hiatus in their almost two-year legal confrontation.
“Since the Court halted this matter, the Parties have engaged in fruitful discussions, including deliberations regarding how the initiatives of the crypto task force may influence the SEC’s assertions,” both entities stated in a joint status update on April 11 with the US District Court for the District of Columbia.
SEC urges Binance to consent to the extension
Per the submission, the SEC asked for and Binance consented to an additional 60-day postponement as the regulatory body continues to pursue approval to “ratify any resolution or amendments to the parameters of this litigation.”
“The Defendants concurred that prolonging the stay is suitable and aligns with judicial efficiency,” the submission noted.
This application follows closely after the SEC terminated a series of lawsuits associated with cryptocurrencies against exchanges Coinbase, Kraken, and Gemini, in addition to Robinhood and ConsenSys.
At the conclusion of the 60-day duration, the SEC and Binance intend to present another joint status update. This marks the second 60-day suspension that the SEC and Binance have requested in this year, succeeding a prior extension approved by the judge on February 11.
The recently initiated crypto task force was a significant factor behind the appeal for the second extension. Source: CourtListener
The appeal in February emerged just days after cryptocurrency skeptic Gary Gensler vacated his position as SEC chair on January 20, with crypto-friendly SEC commissioner Mark Uyeda assuming the role of acting chair.
At that time, the SEC and Binance also referenced the formation of the SEC’s Crypto Task Force as justification for the postponement.
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Established just a day after Gensler’s resignation on January 21, the task force stated its objective is to “assist the Commission in delineating explicit regulatory boundaries, provide feasible pathways to registration, formulate pragmatic disclosure frameworks, and allocate enforcement resources wisely.”
The SEC’s legal struggle with Binance has persisted for nearly two years. It commenced in June 2023 when the agency initiated a lawsuit against Binance, its US division, and CEO Changpeng “CZ” Zhao.
The US regulator asserted 13 allegations against Binance, which include unregistered offerings and sales of the BNB and Binance USD tokens, the Simple Earn and BNB Vault products, along with its staking program.
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