The U.S. Securities and Exchange Commission (SEC), Binance and its former CEO Changpeng Zhao (CZ) filed a motion to stay their case for 60 days – to make way for an early resolution and to save resources according to a court filing by a U.S. court on Monday.
The ongoing case started in 2023. The SEC sued Binance and BAM Management,the operating company for Binance U.S. and CZ for allegedly violating securities laws.
The newly launched Crypto Task Force could help ” facilitate the potential resolution of this case,” the court filing said. It was set up on January 21 by the new SEC Acting Chairman Mark T. Uyeda with the objective of helping the SEC develop a regulatory framework for crypto.
“We are grateful to Interim Chairman Uyeda for his thoughtful approach to ensuring digital assets receive the appropriate legislative and regulatory focus in this new, golden era of blockchain in the U.S. and around the world. 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 told CoinDesk.
Major crypto companies have been campaigning for there to be less regulation by enforcement. So far, the tables have turned for the crypto world with former SEC chair Gary Gensler, who took many crypto companies to court, stepping down and President Donald Trump issuing an executive order – calling for crypto friendly policies.