The Securities and Exchange Commission (SEC) has decided to suspend the lawsuit against the 60-day lawsuit.
Both Binance and the SEC have jointly requested that federal judge continue their lawsuits. The parties cited “the potential impact of the newly launched task force.”
According to a Reuters report on February 11, 2025, The 60-day stay move, requiring judge approval, marks the first clear effort to retreat from the SEC's previous code enforcement under Democrats' leadership.
President Donald Trump's SEC clearly has a different approach to crypto regulations. Can this set precedents for similar actions involving other major players like Ripple, Coinbase, Kraken, etc.?
New: There is the initial requested pause #crypto Since then, court lawsuits @markuyedaus I took over the acting chair. @binance and @secgov We just filed a joint complaint to maintain the agency's lawsuit for a 60-day exchange, citing the new SEC Crypto Task Force… pic.twitter.com/d2zcolmnc5
– Eleanorterrett (@Eleanorterrett) February 11, 2025
Exploration: Who is Mark Ueda? The new SEC chief could trigger a golden age of cryptography
A new task force may facilitate resolution
According to submissions by the parties, “The work of this task force (the new SEC Task Force) could affect and facilitate the potential resolution of this case.”
After 60 days, the parties will issue a joint status report to confirm whether the stay is guaranteed to continue.
The SEC announced its dedicated cryptocurrency task force on January 21, 2025. “Committee Hester Perth will lead the task force,” the announcement said. People in the crypto world are optimistic about Perth's appointment as the leader of the task force.
Peirce is known as “crypto mama” because of her pro-cryptostance and the objections of enforcement actions (particularly by former chain Gary Gensler) that she believed to be overly harsh or ineffective.
In particular, under the tenure of former chairman Gary Gensler, the agency pursued an aggressive enforcement strategy for cryptocurrency companies. However, the new agency shows a potential departure from this hard-pressed approach.
83 enforcement actions have been launched and targeted major players such as Coinbase, Binance and Ripple Labs. These cases revolved around allegations of violation of the Securities Act, including the sale of unregistered tokens and the failure to register the platform as an exchange.
Exploration: Trump's SEC can review 83 crypto cases and dismiss action without allegations of fraud
The SEC performs a series of procrypt movements: bitwise, ripple merit
Recently, the SEC has approved the accelerated approval of Bitise Bitise Asset Management's Hybrid Bitcoin Exchangerium Trading Fund (ETF). On January 30, 2024, Bitwise's approval of BTC-ETH ETF, filing stated that “allocation of assets to Bitcoin and ether conceptualizes the relative market capitalization of Bitcoin and ether to one another.” He said.
This move by the Trump administration's SEC shows a pivotal moment in the delivery of crypto-based financial products. Meanwhile, Bitwise was pushing for clearer regulations.
Meanwhile, a fierce lawsuit between Ripple Labs and Agency suddenly disappeared from the SEC website.
Cases launched in December 2020 do not have any remaining references on the SEC website. This led the crypto community to believe that the controversial war between Ripple and the SEC has been officially removed after the Trump administration and the new SEC leadership came into effect.
The Ripple case was a key case, particularly in shaping the regulatory discourse regarding cryptocurrency.
Under the new leadership, institutions are also expected to reevaluate their stance on cryptocurrency-related cases.
“In the first few days of the new administration, the SEC may begin reviewing these cases and freeze any lawsuits that do not involve fraud claims,” the January 16, 2025 Reuters report confirmed. .
Explore: Accelerate approval combining SEC Grants Bitwise's Bitcoin-Ethereum ETF
Post-Binance and the SEC call a temporary ceasefire: Coinbase, Kraken first appeared in 99 Bitcoin.
