The Binance versus the U.S. Securities and Exchange Commission (SEC) case has taken a fresh turn on Tuesday as both parties requested the court to hold the ongoing lawsuit for sixty days. Both Binance and SEC have filed a joint motion to halt the case for the next 60 days, in the wake of a new crypto task force being set up by the latter.
According to the latest post by Fox Business journalist Eleanor Terrett, this was the first time when a lawsuit was paused since Mark Uyeda took over as acting chair. She highlights the halt in the lawsuit is due to the new SEC crypto task force as having a possible bearing on the case.
Terrett said, “The work of this task force may impact and facilitate the potential resolution of this case.” She added that after 60 days, SEC and Binance plan to issue a status report on whether an extension is needed or not.
At last, the reporter anticipates that non-fraud cases Ripple, Coinbase, Krakenfx, and others follow suit in this manner. Last month in January, Binance and its founder Changepng Zhao (CZ) filed a motion to drop the lawsuit as the SEC failed to showcase that their allegations satisfied the Howey test.
All these developments in the crypto space showcased a major shift in the SEC approach towards crypto businesses. Experts believe more cases will be dropped soon, especially XRP.
Previously, SEC Acting Chairman Marked Uyeda stated that the the previous SEC officials mainly used enforcement actions to regulate crypto which created a hostile environment for space. The SEC can do better. Uyeda mentioned that they will follow a more crypto-friendly approach so that the industry and business could grow more without any regulatory hurdles.
Also Read: SEC Launches New Task Force to Regulate Crypto Assets
