US Judge Grants 60-Day Stay in Binance SEC Case Amid Regulatory Shift

A US district judge has approved a joint motion filed by the US Securities and Exchange Commission (SEC) and Binance, granting a 60-day stay in the ongoing legal proceedings.

US Judge Amy Berman Jackson of the District of Columbia accepted the request, which was submitted by the SEC, Binance, and its former CEO, Changpeng Zhao. The move comes as the SEC and Binance seek to resolve a civil complaint filed in 2023, alleging that Binance violated federal securities laws by operating as an unregistered broker.

Binance Settles DoJ Case with Record Fine

Simultaneously, Binance and its former CEO, Changpeng Zhao, settled a case with the Department of Justice (DoJ) related to Bank Secrecy Act violations. The company agreed to pay a record $4.3 billion fine, while Zhao served four months in federal prison.

SEC’s Crypto Task Force: A Potential Resolution

The SEC and Binance have requested the court to pause ongoing legal proceedings, citing changes at the securities regulator. According to the joint motion, both parties may resolve the dispute through the SEC’s newly established Crypto Task Force, led by Commissioner Hester Peirce.

In a statement, Peirce noted,

“The journey begins now.”

She also stated that meme coins and most crypto tokens fall outside the SEC’s jurisdiction, signaling a potential shift in the regulator’s approach.

Regulatory Shifts and Crypto Adoption

Regulatory shifts under the current administration have redirected federal watchdogs toward neutral oversight. Agencies like the SEC are now focusing on clearer digital asset regulations, a shift that could accelerate crypto adoption.

Tips for investors:

  • Stay informed about regulatory changes and their impact on the crypto market.
  • Understand the differences between registered and unregistered brokers.
  • Keep an eye on the SEC’s Crypto Task Force and its potential impact on the industry.

Stay up-to-date with the latest news and developments in the crypto space on Global Crypto News.

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