The US Securities and Exchange Commission filed a request to put its case against crypto exchange Binance on hold, citing pending development of a regulatory framework for digital assets under the Trump administration.
The main US securities regulator, Binance and the exchange’s co-founder Changpeng Zhao submitted a joint motion to the US District Court of Columbia on Monday, requesting a brief stay of 60 days. The move follows the establishment of a crypto taskforce by SEC acting Chairman Mark Uyeda last month.
“The work of this task force may impact and facilitate the potential resolution of this case,” the filing said. “Accordingly, the SEC proposed a brief stay to defendants, and the defendants agreed that a stay is appropriate and in the interest of judicial economy.”
The SEC was one of a number of regulators to take legal action against Binance and Zhao in 2023, accusing the firm of allowing American users to trade on its international exchange. Many of those watchdogs, including the US Department of Justice and the Commodity Futures Trading Commission, opted to settle with the platform later that year, with Binance and Zhao agreeing to pay around $4.3 billion in penalties.
“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,” a Binance spokesperson said in a statement.
At the end of the 60-day stay period, the SEC and Binance propose that they will submit a joint status report, including whether a continuation of the stay is warranted, according to the filing.
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