Binance and SEC File Joint Motion Seeking Another 60-day Pause in Its Ongoing Legal Dispute
The SEC and Binance have filed a joint motion requesting an additional 60-day pause in their legal disputes. The parties have asked the judge overseeing the matter to keep the case on hold amid “productive discussions” between their lawyers.
The motion seeks to extend Judge Amy Beerman Jackson of the US District Court of Columbia’s stay, which she granted in February following a similar motion.
“Continuing The Stay is Appropriate and In the Interest of Judicial Economy”
According to a joint filing submitted to the court on April 11, the securities agency asked that the current pause be extended “…In light of these continued discussions and the time required for the staff to seek authorization from the [SEC] as necessary to approve any resolution or changes to the scope of this litigation.”
Lawyers for the exchange agreed that “…continuing the stay is appropriate and in the interest of judicial economy.”
Judge Jackson granted the parties’ initial request to pause the matter for 60 days in February 2025 after they had filed a similar joint motion. The initial request was based on the SEC’s duties to the new crypto task force established under the Trump Administration. The SEC’s crypto force is tasked with developing a clear regulatory framework for cryptocurrencies in the US. The stay was granted based on the SEC’s responsibilities.
The document details:
“The work of this task force may impact and facilitate the potential resolution of this case…Accordingly, the SEC proposed a brief stay to Defendants, and the Defendants agreed that a stay is appropriate.”
The latest joint filing read as such:
“Since the Court stayed this case, the Parties have been in productive discussions, including discussions concerning how the efforts of the crypto task force may impact the SEC’s claims. In light of these continued discussions and the time required for the staff to seek authorization from the Commission as necessary to approve any resolution or changes to the scope of this litigation, the SEC requested that the Defendants agree to continue the current stay for an additional 60 days, and the Defendants agreed that continuing the stay is appropriate and in the interest of judicial economy.
At the end of the 60-day stay period, the Parties propose that they will submit another joint status report. A proposed order is attached hereto. Accordingly, the Parties respectfully request that the Court grant this Joint Motion to Continue the Stay.”
The Original June 2023 Complaint
The SEC filed its initial complaint against Binance, Binance.US, and Binance’s founder and former CEO, Changpeng “CZ” Zhao, for allegedly operating unregistered exchanges, broker-dealers, and clearing agencies.
Binance was not the only exchange to be targeted by the SEC under Chairman Gary Gensler’s rule. The SEC’s infamous 2023 crackdown included similar lawsuits against several other cryptocurrency exchanges, including Kraken and Coinbase.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
