The U.S. Securities and Exchange Commission (SEC) and Binance have jointly requested a 60-day stay in their ongoing court case, citing the launch of the SEC's new crypto task force, which may influence the case's resolution. The request was announced in a joint motion on February 10.
The joint motion states that resolving the case efficiently could save resources for both Binance and the SEC, as continued merits discovery may become unnecessary. It also points to the SEC’s newly formed crypto task force, which could influence regulatory developments relevant to the case, potentially shaping a clearer legal framework for crypto assets. Additionally, the filing notes that the stay does not interfere with any court-issued deadlines, ensuring no procedural delays beyond what both parties have agreed upon.
According to Cointelegraph, the SEC launched a crypto task force on January 21, 2025, aimed at developing a regulatory framework for digital assets. The task force is led by Commissioner Hester Peirce, known for her pro-crypto stance, and was announced by Acting Chairman Mark Uyeda following Gary Gensler’s departure as SEC Chair. The task force’s said mission is to establish clear regulatory guidelines, improve registration pathways, and refine disclosure frameworks while also working alongside federal and international regulators such as the Commodity Futures Trading Commission.
Coindesk reports that during Gensler’s tenure as SEC Chair (2021–2025), the agency relied on enforcement actions as its primary approach to cryptocurrency regulation, pursuing cases against major exchanges like Binance and Coinbase for alleged securities violations. Despite repeated industry requests for clear regulatory guidelines, the SEC did not establish formal rules for digital assets, creating uncertainty for businesses and investors. Federal court rulings in multiple cases acknowledged the lack of clear legal guidance, with judges requesting more defined standards for crypto compliance.
Founded in 2017 by Changpeng Zhao, Binance has grown into the world’s largest cryptocurrency exchange by trading volume and is now regulated in 21 global markets—the most of any crypto exchange. The company operates under various financial licenses, including approvals from Brazil’s Central Bank, Dubai’s Virtual Assets Regulatory Authority, and France’s Financial Markets Authority. To meet compliance standards, Binance has invested in anti-money laundering (AML) and know-your-customer (KYC) programs, implementing advanced transaction monitoring systems and partnering with blockchain analytics firms to enhance security and regulatory alignment.
The U.S. Securities and Exchange Commission was established in 1934 under the Securities Exchange Act to regulate financial markets, enforce securities laws, and protect investors. The agency oversees public companies, securities exchanges, and investment firms ensuring compliance with disclosure and fraud prevention regulations. In recent years, it has expanded its focus to include digital assets and cryptocurrency markets; however it has not implemented a formal regulatory framework for this sector.