The US Securities and Exchange Commission (SEC) and major crypto exchange Binance have jointly requested an additional two-month pause in their legal battle, which has been ongoing for nearly two years. In an April 11 joint status report filed with the US District Court for the District of Columbia, both parties expressed that they have been engaged in productive discussions during the stay of the case, particularly focusing on how the efforts of the SEC's crypto task force may impact the SEC's claims.

The SEC has asked Binance to agree to the extension, and Binance has consented to the additional 60-day pause. The SEC is seeking approval to "approve any resolution or changes to the scope of this litigation." The filing stated that both parties agreed that continuing the stay is appropriate and in the interest of judicial economy.

This request for an extension comes in the wake of the SEC dropping several crypto-related lawsuits against prominent platforms including Coinbase, Kraken, and Gemini, as well as Robinhood and Consenys. The SEC and Binance have committed to submitting another joint status report at the end of the 60-day period. This is the second 60-day pause requested by the SEC and Binance this year, following a previous extension granted by the judge on Feb. 11.

The recent establishment of the SEC's Crypto Task Force has been cited as a key reason for the request for the second extension. The task force was created just a day after former SEC chair Gary Gensler stepped down on Jan. 20, with Mark Uyeda taking over as acting chair. The task force aims to assist the Commission in drawing clear regulatory lines, providing paths to registration, crafting disclosure frameworks, and deploying enforcement resources judiciously.

The legal battle between the SEC and Binance began in June 2023 when the SEC filed a lawsuit against Binance, its US platform, and CEO Changpeng "CZ" Zhao. The SEC leveled 13 charges against Binance, including unregistered offers and sales of BNB and Binance USD tokens, the Simple Earn and BNB Vault products, and its staking program.

The ongoing developments in the legal dispute between the SEC and Binance underscore the complexities and evolving regulatory landscape surrounding cryptocurrencies and digital assets. Both parties are committed to continuing discussions and seeking resolution within the framework of the legal process.

Source: https://cointelegraph.com/news/binance-sec-request-60-day-pause-again-productive-talks-crypto-lawsuit?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound