The US Securities and Exchange Commission (SEC) and Binance have jointly requested a 60-day suspension of their ongoing lawsuit, according to a Feb. 10 filing.
Both parties explained that this decision was made because the SEC established a dedicated crypto task force under Acting Chair Mark Uyeda. According to the filing, the task force’s work could influence the case’s resolution.
Considering this, the financial regulator proposed a temporary pause, and Binance agreed, citing judicial efficiency as a key factor. Once the suspension ends, both parties will submit a joint status report to determine whether an extension is necessary.
The filing stated:
“As this is a joint motion, there is no prejudice to any party here, and a stay could save the Parties resources because, if an early resolution could be reached, it would obviate the need to continue merits discovery.”
This marks an interesting development in a lawsuit initially filed in 2023. At the time, the financial regulator accused Binance of violating US securities laws by offering multiple tokens, including Solana, Cardano, and Algorand. The SEC argues these assets meet the Howey Test criteria for securities.
In July 2024, the agency attempted to amend its complaint, but Binance responded with a motion to dismiss both the amendment and the entire case.
SEC crypto approach
This development reflects a broader shift in the SEC’s approach to crypto regulation under Uyeda’s leadership.
The new leadership has introduced a ‘Crypto Task Force‘ and launched a dedicated webpage outlining the agency’s evolving regulatory stance on digital assets.
Commissioner Hester Peirce, a long-time advocate for more explicit crypto regulations, is leading the task force. She has repeatedly criticized the SEC’s previous enforcement tactics, arguing that opaque guidelines have stifled innovation and forced crypto firms to navigate uncertain legal terrain.
Adding to these changes, the SEC is reportedly downsizing a specialized unit of over 50 lawyers and staff members previously focused on crypto enforcement. This restructuring further reinforces the notion that the agency is rethinking its stance on digital assets.
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