{"id":12600,"date":"2025-02-12T05:31:50","date_gmt":"2025-02-12T05:31:50","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=12600"},"modified":"2025-02-12T05:31:50","modified_gmt":"2025-02-12T05:31:50","slug":"us-sec-and-binance-request-60-day-pause-in-crypto-lawsuit-heres-why","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=12600","title":{"rendered":"US SEC and Binance Request 60-Day Pause In Crypto Lawsuit: Here\u2019s Why"},"content":{"rendered":"
\n

The US Securities and Exchange Commission (SEC) and global crypto exchange Binance have filed a joint motion to halt the ongoing legal battle for two months, citing the ongoing changes in the regulatory agency.<\/p>\n

SEC Vs Binance To Take A Pause<\/h2>\n

On Tuesday, FOX Business journalist Eleanor Terrett reported<\/a> that the US SEC and Binance had requested a 60-day pause on the regulator\u2019s case against the global crypto exchange. The joint motion, dated February 10, 2025, argues that the litigation warrants a stay due to the creation of the SEC\u2019s Crypto Task Force, led by SEC Commissioner Hester Peirce.<\/p>\n

The two parties consider that the Task Force, created by the Commission\u2019s acting chair, Mark Uyeda, to help develop a regulatory framework for crypto assets, could \u201cimpact and facilitate the potential resolution of this case.\u201d<\/p>\n

\"Binance\"<\/p>\n

In June 2023, the SEC filed a lawsuit against the crypto exchange, arguing that Binance, its US affiliate, BAM Trading Services Inc., and the exchange\u2019s former CEO, Changpeng Zhao, offered the sale of unregistered securities and had operated illegally in the US.<\/p>\n

The US watchdog argued that the lack of registration enabled Binance to allegedly run an unregulated trading platform that exposed US investors to significant risks and misled customers about the security and regulatory oversight of their assets.<\/p>\n

The exchange filed a motion<\/a> to dismiss the lawsuit, alleging that the SEC had exceeded its legal authority, but Judge Amy Berman Jackson ruled against the motion in July 2024. Nonetheless, the judge granted Binance a partial victory after rejecting some of the Commission\u2019s main claims.<\/p>\n

The court ruling dismissed the claims related to the secondary market sales of BNB tokens, the classification of Binance USD (BUSD) stablecoin as an investment contract, and \u201cthe assertion that crypto tokens themselves are securities.\u201d<\/p>\n

Despite this, Judge Jackson allowed the case to proceed with claims about the exchange\u2019s staking program, BNB\u2019s Initial Coin Offering (ICO) sales, and anti-fraud violations of the Securities Act.<\/p>\n

More Joint Motions To Come?<\/h2>\n

According to the Monday court document, the regulatory agency proposed a brief stay with Binance, which the crypto exchange agreed to, considering it \u201cappropriate and in the interest of judicial economy.\u201d<\/p>\n

Moreover, the joint motion affirms<\/a> the stay could \u201csave the parties resources\u201d if an early resolution is reached, removing the need to continue the merits discovery.<\/p>\n

\n

Further, this brief stay will promote the efficient use of the Court\u2019s resources, as a resolution would obviate the need for the Court to resolve the Defendants\u2019 pending Motions to Dismiss the Amended Complaint.<\/p>\n<\/blockquote>\n

Following the 60-day stay, Binance and the SEC plan to submit a joint status report, including whether a continuation of the stay is warranted.<\/p>\n

Terret alleges that the joint stay motion is the first requested pause on crypto litigation in the courts since Uyeda became acting chair on January 20. The journalist added that she expects<\/a> to see other non-fraud causes, such as Ripple, Coinbase, and Kraken, follow suit and request a motion stay.<\/p>\n

\"Binance,<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The US Securities and Exchange Commission (SEC) and global crypto exchange Binance have filed a joint motion to halt the ongoing legal battle for two months, citing the ongoing changes in the regulatory agency. SEC Vs Binance To Take A Pause On Tuesday, FOX Business journalist Eleanor Terrett reported that the US SEC and Binance […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-12600","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/12600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12600"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/12600\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}