The US Securities and Exchange Commission (SEC) and Binance
filed a joint motion on February 10 to pause their legal case for 60 days. This
motion marks the first pause in major cryptocurrency litigation since Mark
Uyeda became the acting SEC chair, Cointelegraph reported.
The motion cited the establishment of the SEC’s Crypto Task
Force, noting that the task force’s work may influence the case’s potential
resolution.
Other Crypto Firms Likely to Follow
“We are grateful to Interim Chairman Uyeda for his
thoughtful approach to ensuring digital assets receive the appropriate
legislative and regulatory focus in this new, golden era of blockchain in the
U.S. and around the world,” a Binance spokesperson commented.
After the 60-day pause, the SEC and Binance will jointly
assess whether further delays are needed. The parties argue that halting the
case could save resources if an early resolution is reached.
Industry observers expect other crypto firms, such as
Ripple, Coinbase, and Kraken, to follow suit with similar motions.
“The SEC’s case has always been without merit and we
are eager to put this behind us and to continue our focus on keeping Binance
the most secure, licensed and trusted exchange in the world,” the spokesperson
added.
SEC’s Task Force Aims for Clearer Crypto Rules
The Crypto Task Force, launched on January 21 under Uyeda,
aims to provide clearer regulations for the US crypto industry. The task force
is led by SEC Commissioner Hester Peirce, who has been an advocate for crypto
regulation. Peirce has criticized the SEC’s previous handling of crypto,
highlighting the need for clearer rules.
Bye, bye SAB 121! It’s not been fun: https://t.co/cIwUc0isUE | Staff Accounting Bulletin No. 122
— Hester Peirce (@HesterPeirce) January 23, 2025
Peirce recognized that untangling the complexities of
ongoing litigation would require time. She explained: “Determining how
best to disentangle all these strands, including ongoing litigation, will take
time. It will involve work across the whole agency and cooperation with other
regulators. Please be patient,” Peirce said.
SEC Reassigns Key Staff, Holds Closed-Door Meeting
In recent developments, the
SEC has made key staff changes, sparking speculation about its future
direction. Jorge Tenreiro, the SEC’s Chief Litigation Counsel, was reassigned
to the agency’s IT department, as reported by Finance Magnates.
JUST IN: 🇺🇸 SEC Transfers Top Crypto Litigator Jorge Tenreiro to IT Department!He played a key role in both the @Ripple and @coinbase lawsuits, another sign this case is almost over! 💥📈Comment Below & Follow For More!!👇👇#Ripple #Coinbase $BTC $XRP pic.twitter.com/SN0OsaA4Cx
— Good Morning Crypto (@AbsGMCrypto) February 5, 2025
Tenreiro had overseen high-profile cases like those
involving Ripple and Coinbase. Additionally, senior lawyer Natasha Guinan was
moved from the chief accountant’s office to an undisclosed role. These
personnel shifts have drawn attention amid ongoing scrutiny of the SEC’s
handling of cryptocurrency-related litigation, raising questions about the
agency’s stance on digital assets.
In a closed-door meeting last month, the SEC
discussed litigation claims, settlements, enforcement actions, and
administrative proceedings. The agenda mentioned “litigation claims,” fuelling
speculation that the ongoing lawsuit against Ripple Labs may have been
addressed.
This meeting, which was held remotely or at the SEC’s
Washington, DC headquarters, was restricted to SEC officials and staff members,
with no external parties present.
This article was written by Tareq Sikder at www.financemagnates.com.
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