In a significant development in the ongoing legal battle between the US Securities and Exchange Commission (SEC) and cryptocurrency exchange Binance, both parties have jointly requested a 60-day extension to pause the case.
This request follows a series of “productive” discussions tied to the SEC’s newly established Crypto Task Force, aimed at developing a regulatory framework for the crypto market.
Binance And SEC Seek Additional 60-Day Stay
According to a recent court filing, the SEC and Binance, along with its US affiliate BAM Tradinng, and former CEO Changpeng Zhao, submitted a joint status report requesting a continued stay of litigation.
The parties noted the importance of maintaining the pause to allow time for discussions that could potentially influence the SEC’s claims against the world’s largest crypto exchange.
The filing remarks on the time required for SEC staff to seek necessary authorizations from the Commission to approve any resolutions or changes related to the litigation.
This latest motion builds upon a similar request made in February 2025, when both parties initially sought a 60-day pause, citing the establishment of the SEC’s Crypto Task Force as a critical factor.
Led by SEC Commissioner Hester Peirce, the task force aims to create a regulatory framework that aligns with the innovations in the cryptocurrency industry, potentially impacting the ongoing litigation.
A Potential Shift Toward Regulatory Solutions
The SEC filed a lawsuit against Binance in June 2023, alleging that the exchange, along with its affiliates, offered unregistered securities and operated illegally within US borders.
The regulator contended that Binance’s lack of registration allowed it to run an unregulated platform, exposing US investors to significant risks and misleading them regarding the security and oversight of their assets.
However, the recent joint filing suggests a willingness from both parties to explore regulatory solutions that could lead to a resolution of the case.
The prospect of dropping the lawsuit in exchange for a new regulatory framework is seen as a positive step toward integrating cryptocurrency more seamlessly into the US financial landscape.
This case is part of a broader trend observed under the current SEC leadership, particularly under Acting Chair Mark Uyeda. The SEC has recently shifted its stance, dropping major lawsuits against key industry players such as Coinbase, Uniswap Labs, and Kraken.
This signals a potential regulatory evolution aimed at fostering innovation rather than stifling it, contrasting sharply with the more aggressive enforcement strategies employed by former SEC Chair Gary Gensler.
The SEC’s collaborative approach, particularly through the Crypto Task Force, indicates a willingness to engage with the cryptocurrency industry and develop regulations that can accommodate the unique characteristics of digital assets.
At the time of writing, the exchange’s native token Binance Coin (BNB), trades at $599, recording a 2.4% surge in the 24-hour time frame.
Featured image from DALL-E, chart from TradingView.com
