A federal judge has granted the joint request by the US Securities and Exchange Commission (SEC) and cryptocurrency exchange Binance to temporarily ‘stay’ the SEC’s civil lawsuit against the company.
????UPDATE: Judge Amy Berman Jackson has granted @binance and the @SECGov’s joint motion to stay the case against Binance for the requested 60 days. She also ordered a joint status report be filed by April 14. https://t.co/qWZWyL54yy pic.twitter.com/FxWPrNHnFX
— Eleanor Terrett (@EleanorTerrett) February 13, 2025
According to FOX reporter Eleanor Terrett, Judge Amy Berman Jackson approved the motion to “Stay the Binance Case for 60 Days” and has instructed both Binance and the SEC to submit a joint report by April 14th. The request for a stay followed the creation of a crypto task force by SEC acting Chairman Mark Uyeda in January.
As previously reported, Binance and the SEC filed a joint motion to stay the case for 60 days, citing the potential impact of the SEC’s newly established cryptocurrency working group on the case. The filing stated, “The work of this group may impact and advance a potential resolution of this case.” The SEC proposed a brief stay for the defendants, and they agreed that the stay is appropriate and in the interest of judicial efficiency.
Notably, the task force was formed after an executive order signed by President Joe Biden in January. One of its primary responsibilities is to develop a federal regulatory framework for digital assets. When the task force launched on February 4, its key goal was to establish a clear framework for crypto businesses to follow.
With Binance and the SEC’s litigation now on hold, other crypto exchanges, including Coinbase and Kraken, may follow suit. In fact, as the deadline for the SEC’s response to Coinbase’s intermediate appeal is today, all eyes are on the response, which could serve as a turning point for future crypto-related litigation regarding securities.
Also Read: US SEC, CFTC To Restart Joint Advisory Committee For Crypto Regulatory Collaboration