Leading crypto exchange Binance and US Securities and Exchange Commission (SEC) and have jointly filed a motion to temporarily halt the proceedings in their case for a 60-day period. This motion, filed on February 10, 2025, seeks to delay further litigation while both parties explore a potential resolution that could lead to an early settlement.
Binance and SEC’s Latest Motion to Stay SEC’s Legal Action against Binance
🚨NEW: Here’s the first requested pause on #crypto litigation in the courts since @MarkUyedaUS took over as acting chair. @binance and the @SECGov have just filed a joint motion to stay the agency’s case against the exchange for 60 days, citing the new SEC crypto task force as… pic.twitter.com/D2zcolMNC5
— Eleanor Terrett (@EleanorTerrett) February 11, 2025
The motion cites the SEC’s recent establishment of a crypto task force under the leadership of Acting Chairman Mark T. Uyeda. Announced on January 21, 2025, the task force is tasked with creating a regulatory framework for cryptocurrency assets, which the parties believe may play a key role in the resolution of the case. Both the SEC and Binance argue that this temporary stay will allow time for the task force’s work to advance and potentially facilitate a resolution.
The joint motion also highlights that a brief pause would benefit both parties and the court. It emphasizes that no party would be prejudiced by the delay, and a stay would save resources by potentially avoiding prolonged discovery and additional motions, including those to dismiss the amended complaint. The parties also state that a stay would allow for more efficient use of the court’s time and could prevent the need to address pending motions in the case.
The motion also proposes that after the 60-day stay period, the parties will submit a joint status report to the court, including whether an extension of the stay is necessary.
This legal action is part of an ongoing investigation into Binance’s compliance with U.S. securities laws, and the outcome of this motion could have significant implications for the future of cryptocurrency regulation in the United States. Fox journalist Eleanor Terrett has pointed out that other non-fraud cases involving Ripple, Coinbase, Kraken, and others might follow suit. The anticipated wave of stays in several other non-fraud cases reflects the SEC’s new leadership under Paul Atkins, which has proven to be more crypto-friendly in contrast to the previous regime. The court is expected to review the motion and issue a ruling in the coming days.
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