The American Securities and Exchange (SEC) commission has decided to suspend its trial against Binance for 60 days.
Binance and the SEC jointly asked a federal judge to maintain the trial. The two parties cited “the potential impact of a newly launched working group”.
According to a report of February 11, 2025 Reuters, The decision to remain 60 days, which requires the approval of the judge, marks the first clear effort to withdraw from the application of the previous cryptography of the dry under democratic leadership.
US President Donald Trump’s dryer has a different approach to cryptography regulations. Could this create a precedent for similar actions involving other major players such as Ripple, Coinbase and Kraken?
New: here is the first break requested on #crypto litigation before the courts since @Markuyedaus took over as an acting chair. @binance and the @Secgov I have just submitted a joint request to maintain the agency’s file for the exchange for 60 days, citing the new working group on the dry crypto like … pic.twitter.com/d2zcolmnc5
– Eleanor Terrett (@elean branch) February 11, 2025
New: here is the first break requested on Explore: Who is Mark Uyeda? The new dry chief could trigger a crypto golden age
A new working group can facilitate a resolution
According to the deposit by both parties, “the work of this working group (new dry working group) can have an impact and facilitate the potential resolution of this case”.
After the 60 -day period, the parties plan to issue a joint situation report to see if a continuation of the suspension is justified.
Sec had announced a working group dedicated to cryptocurrency on January 21, 2025. “Commissioner Hester Peirce will lead the working group,” said the announcement. The people of the world of cryptography are optimistic about the appointment of Peirce as the head of the working group.
Peirce is known as “Mom Crypto” for his pro-Crypto position and dissident opinions on application actions (in particular by the former Gary Gensler channel) that she believed excessively hard or ineffective.
In particular, under the mandate of former president Gary Gensler, the agency continued an aggressive application strategy against cryptocurrency companies. However, the new agency reported a potential gap in this hard approach.
83 Application actions were launched, targeting the main actors such as Coinbase, Binance and Ripple Labs. These cases often revolved around allegations of violations of securities law, such as the sale of non-registered tokens or non-compliance with platforms as exchanges.
Explore: Trump’s dry will re -examine 83 Crypto cases can reject actions without allegations of fraud
Dry makes a series of pro-Crypto movements: Bitwise, Ripple Benefit
Recently, SEC has granted accelerated approval of the Bitwisewwisewise Asset Management’s Hybrid Bitcoin-Ethereum Exchange Traded Fund (ETF). On January 30, 2024, the deposit, approving the BTWISE BTC-ETH, said: “The distribution by the trust of its assets by bitcoin and the approximate ether will approximate the relative market capitalization of bitcoin and ether one others.”
This decision by the SEC of the Trump administration marks a pivotal moment in the offers of Crypto -based financial products. Meanwhile, the bit had pressure for clearer regulations.
Meanwhile, the animated trial between Ripple Labs and the agency suddenly disappeared from the SEC website.
The case that started in December 2020 has no remaining references on the SEC website. This led the cryptographic community to believe that after the entry into force of the Trump administration and the new DI. SEC, the controversial war between Ripple and the SEC was officially abandoned.
The case of Ripple was important, in particular to shape the regulatory discourse around cryptocurrencies.
Under its new direction, the agency should also reassess its position on cases related to cryptocurrency.
“During the first days of the new administration, the SEC should start an examination of these judicial affairs and potentially freeze a dispute that does not imply allegations of fraud,” confirmed a Reuters report on January 16, 2025.
Explore: dry grant an accelerated approval to Bitwise Bitcoin-Ethereum ETF of Bitwise
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