Binance, SEC legal case on hold as new crypto task force takes charge
A Washington district judge approved a joint motion filed by the U.S. SEC and Binance to stay legal proceedings.
According to court records, U.S. Judge Amy Berman Jackson of the District of Columbia has accepted 60-day stay request submitted by the SEC, Binance, and its former CEO, Changpeng Zhao.
A 2023 SEC civil complaint alleges that Binance violated federal securities laws by operating as an unregistered broker. Simultaneously, the Department of Justice charged the company with Bank Secrecy Act violations.
Zhao and Binance settled the DoJ case with a record $4.3 billion fine. As part of the agreement, Zhao served four months in federal prison.
The SEC and Binance 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.
Acting SEC chair Mark Uyeda created the task force shortly after President Donald Trump took office, appointing Hester Peirce, a crypto-friendly commissioner, to lead the initiative.
“The journey begins now,” Peirce wrote as she assumed her leadership role. She also stated that meme coins and most crypto tokens fall outside the SEC’s jurisdiction.
Regulatory shifts under President Trump 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.
