Binance and SEC Seek 60-Day Lawsuit Pause

The U.S. Securities and Exchange Commission (SEC) and Binance have filed a joint motion to pause their legal proceedings for 60 days, reflecting a significant shift in the SEC's regulatory approach towards cryptocurrency under the new leadership of Acting Chairman Mark Uyeda. This decision is influenced by the establishment of a new Crypto Task Force led by Commissioner Hester Peirce, which aims to develop a clearer regulatory framework for digital assets, potentially facilitating an early resolution of the case. This move comes after the SEC initially sued Binance in 2023 for allegedly operating as an unregistered exchange and commingling customer funds. The joint pause in proceedings is seen as a potential precursor for similar resolutions in other SEC cases against crypto firms like Coinbase and Ripple, as the industry anticipates more crypto-friendly policies under the Trump Administration. Both parties agreed to submit a status report after the 60-day period to assess the need for further proceedings.