The US regulator and Binance have agreed to pause the trial
Date: 2025-02-12 Author: Oliver Abernathy Categories: BUSINESS
Within 60 days, both parties will prepare a report on the results achieved, and if an agreement is reached earlier, there will be no need for further proceedings.
In a statement, Binance emphasizes gratitude to the acting SEC Chairman Mark Uyeda for his constructive approach to regulating digital assets, which, according to the company, contributes to the development of the industry in the era of blockchain.
FOX Business journalist Eleanor Terrett noted on social media X that this is the first such motion in cryptocurrency litigation since Uyeda's appointment. The SEC previously accused Binance of violating securities laws, and the exchange's management moved to dismiss the lawsuit in November 2024. Terrett suggested that other crypto companies like Ripple, Coinbase, and Kraken could also take this route by taking a temporary break from their legal battles with the SEC.
SEC Commissioner Esther Peirce, who leads the agency’s cryptocurrency task force, has previously criticized the regulator’s previous approach, calling it “impractical.” Despite the ongoing litigation, clear rules for the crypto industry have yet to be finalized, creating uncertainty for market participants. Peirce said resolving these disputes will take considerable time.
Reuters reports that the new Donald Trump administration may adjust the SEC’s course by reducing its prosecution of crypto companies unless they are accused of fraud.
