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The U.S. Securities and Exchange Commission (SEC) and crypto trading platform Binance recently filed a joint action regarding their ongoing litigation. Specifically, this joint action aims to halt the agency's lawsuit against the exchange for 60 days.
What next for Binance v. SEC case
Fox Business Journalist Eleanor Terret brought the community’s attention to the news in an X post. This joint action marks the first pause on crypto litigation since Mark Uyeda resumed office as acting chair of the commission.
Gamza KhanzadaevAs a result, community members are now wondering about the case's implications on the broader crypto market. Eleanor pointed out that the parties plan to issue a joint status report at the end of the 60 days. The essence of this report is to see whether to continue the stay.
Meanwhile, Binance and the SEC noted in the joint filing that the new SEC crypto task force could have a possible bearing on the case.
Implication for other crypto lawsuits
Eleanor said she expects to see more nonfraud cases, such as Ripple, Coinbase and Kraken, follow a similar manner to Binance. The crypto community has expressed mixed sentiment concerning the news about the SEC’s 60-day litigation pause with Binance.
Some agree with Eleanor, especially regarding the Ripple v. SEC lawsuit. They believe the SEC will altogether drop the XRP lawsuit. According to them, the action hints at a strategic pivot to end an era of regulation by enforcement, giving way to positive collaboration.
Alex DovbnyaHowever, others think the action is just another delay, as there is no action letter from either parties to end the case. For now, all eyes are watching to see how the case progresses.
For clarity, the SEC accused Binance and its former CEO, Changpeng "CZ" Zhao, of trading unregistered securities and operating without authorization.
Gamza Khanzadaev
Arman Shirinyan
Dan Burgin
Vladislav Sopov