The American Commission for Securities and Exchange seeks to interrupt its high level trial Against the cryptocurrency exchange binance while the regulator tries to present itself as more user-friendly in crypto under a new administration.
Binance and the dry have deposited a joint movement Monday, requesting a 60 -day stay in a trial that the regulator filed with a large fanfare two years ago under its previous president, Gary Gensler.
The Monday file on Monday before the American district court of the Columbia district said that the SEC had approached Binance asking for the break. The regulator said that the work of a new crypto working group launched by acting president Mark Uyeda who is supposed to improve links with the cryptographic industry “can have an impact and facilitate the potential resolution of this case”.
The file is the first “tangible action in existing application actions which recognize a change of management of the agency,” said Carol Goformth, a distinguished professor at the School of Law at the University of Arkansas.
Binance is the largest cryptocurrency exchange in the world – a digital market where customers can buy, sell and store different types of crypto – and the dry trial attracted considerable attention during its first deposit.
Gensler said in a statement at the time that Binance and its founder, Changpeng Zhao, had engaged in a vast “deception network” while the X account has published a graph highlighting key proof of The alleged reprehensible act: a quotation from the binance chief of Binance conformity officer saying to another employee in 2018: “We operate as an exchange of securities without a license Fking in the Bro USA.”
In a separate case, Binance then agreed to pay a settlement of approximately $ 4 billion and Zhao pleaded guilty to a crime linked to his inability to prevent money laundering on the platform.
A key problem confronted with the cryptocurrency industry is whether some digital assets should be regulated as titles – a position that SEC UNDER SENSLER has supported while many members of the cryptographic industry are opposed.
Cryptocurrencies are a kind of electronic money that have spent financial fringes to the dominant current in rapid adjustment, although it is spoiled by scandals And Amount of collapse.
The dry has targeted the exchanges of crypto like Binance, Coinbase and others for having allegedly operated on the exchanges of unregistered titles. This examination came after the high -level collapse of the FTX, the exchange founded by the disgrace cryptography magnate Sam Bankman Frit.
The industry said it was unjustly treated by Biden administration, and peopleler in particular, and spent strongly to help Trump and the Republicans in the last elections. Trump and GOP legislators report Their eagerness to help cryptographic industry with friendly legislation and light regulations.
Uyeda launched the new working group on the crypto last month, saying that the agency needed reset in its approach to the crypto.
“To date, the SEC is mainly based on implementing measures to regulate retroactive and reactive cryptography, often adopting new and not tested legal interpretations along the way,” said the agency by announcing the group work. “The clarity of who must register and practical solutions for those who seek to register have been elusive.”
Legal experts have said that the break in the Binance case could indicate similar changes in the current legal action for other Crypto exchanges.
“I would expect all these cases to be rejected, or settled on very favorable conditions for defendants,” said James Murphy, expert in securities law.
This is bad news, said Corey Frayer, a former SEC official who recently left the agency.
“The dry which delays what seems to be a case of slam dunk in Binance while welcoming the return of crypto to its pre-FTX days is a bad omen for any other litigation of in progress,” he said.
In a press release, Binance said that the case of the dry “has always been without foundation” and congratulated Uyeda for “its thoughtful approach to guarantee that digital assets receive the appropriate legislative and regulatory objective in this new gold of gold Blockchain in the United States and around the world.
