Binance and the American Commission for Securities and Exchanges (SEC) jointly asked a federal judge to put the regulator’s trial against the cryptocurrency scholarship for 60 days, according to a judicial file. According to Reuters, the motion, deposited Monday evening, quotes the potential influence of a new newly established dry working group focused on cryptocurrency regulations.
The demand for suspension marks a notable change in the position of the dry on the application of cryptography under democratic leadership. As Reuters reported, the regulator’s working group, trained last month, aims to reassess the legal landscape of digital assets. The deposit suggests that this initiative can “influence and facilitate the potential resolution of this case”.
If granted, the stay could indicate an early decision to a more user-friendly regulatory environment in crypto, aligning with the declared commitment of President Donald Trump to make the United States an industry leader. Reuters previously noted that the SEC, now under republican leadership, examined its current actions in progress against cryptographic companies, including Binance. The agency has argued that various cryptographic tokens work as titles and should be subject to federal surveillance.
The SEC launched its trial against Binance, its American subsidiary, and the founder Changpeng Zhao in June 2023. The regulator accused the exchange of artificial negotiation volumes, of diverting customer funds and deceiving investors concerning its surveillance practices market. A federal judge judged last year that most of the SEC complaints could continue. Meanwhile, the regulator continues to engage in a legal battle with another major crypto exchange, Coinbase.
Related: French prosecutors open an investigation into Binance
A spokesperson for Binance praised the potential resolution, emphasizing the dedication of the company to security and regulatory compliance. “The case of the SEC has always been baseless, and we are impatient to put this behind us and continue to focus on the most secure, the most dismissed and the most reliable binance in the world,” said the door -Sholes, while expressing his gratitude to the acting president of the dry, Mark Uyeda. Lawyers representing the SEC did not immediately comment on the issue.
According to Reuters, the SEC Commissioner, Hester Peirce, who heads the newly formed working group, criticized the agency’s past approach to cryptography regulation. In a press release earlier this month, Peirce pointed out: “The treatment of the crypto by the commission was marked by legal imprecision and commercial impracticability … It took us a long time to enter this mess, and It will take us time to get out of it. “”
The change in regulation comes as Trump appoints Washington Paul Atkins lawyer, known for his pro-Crypto position, as a new SEC president.
Source: Reuters
