The federal judge approved the joint requests of the US Securities and Exchange Commission and Cryptocurrency Exchange Binance to temporarily ‘stay’ the SEC civil lawsuit against the company.
‘HOLD’ Sec-Binance Case
HUPDATE: Judge Amy Berman Jackson was given @Binance and @secgovCommon agreement to maintain the case for Binance for 60 days requested. She also ordered a joint status report by April 14. https://t.co/qwzwyl54yy pic.twitter.com/fxwprnhnfx
ELEANOR TERET February 13, 2025
According to Fox reporter Eleanor Teret, Judge Amy Burman Jackson approved “consent to maintain a binary for 60 days,” and instructed VineNance and SEC to submit a joint report by April 14. Residence request was followed in January after the establishment of Crypto Task Force of Mark Uyeda’s SEC chairman.
As reported earlier, Binance and SEC submitted a common consent to maintain the event for 60 days, citing the potential effects of the newly established Cryptocurrency working group on the SEC. The documents stated, “The group’s work can affect and develop the potential resolution of the case.” The SEC proposed a simple stay to the accused and agreed that the stay was appropriate and profitable for judicial efficiency.
In particular, the task force was formed after the administrative order signed by President Joe Viden in January. One of the main responsibilities is to develop a federal regulatory framework for digital assets. When the task force began on February 4th, the main goal was to establish a clear framework that the crypto company must follow.
Litigation of Binance and SEC is currently being suspended, and other encryption exchange, including Coinbase and Krake, can be drawn. In fact, since the SEC’s response deadline for Coinbase’s intermediate appeal is today, all gaze is in the reaction, which can be a turning point of future password lawsuits for securities.
Also read: Restart the Joint Advisory Committee for the US SEC and CFTC encryption regulatory cooperation.