The lawyers of the US Securities and Securities Commission and Binance asked a federal judge on Friday to continue a pause in the case of the regulator against cryptography exchange for another two months, citing “productive discussions.”
The SEC sue Binance in 2023, alleging the exchange, along with its American affiliate and executives such as former CEO Changpeng Zhao, violated federal laws by operating as an agency, corridor and compensation exchange without license. The SEC also alleged combination and that commercial volume of Binance.us was manipulated. In February, after the president of the United States, Donald Trump, resumed the office and appointed Commissioner Mark Uyeda as president of the interim agency, the regulator requested a 60 -day break in the case, which would expire on Monday. The SEC pointed out a freshly created cryptographic working group with the objective of writing a clearer orientation on how the Securities Law could be applied to digital assets as part of its explanation for the requested break.
In Friday’s presentation, the lawyers involved said the discussions included “how the efforts of the Crypto task force can affect the clarifications of the SEC” and requested a pause of another 60 days.
“In the light of these continuous discussions and the time required for the personnel to seek the authorization of the Commission, as necessary, to approve any resolution or change in the scope of this litigation, the SEC requested that the defendants agree to continue the current stay for 60 additional days, and the defendants agreed to continue the stay and in the interest of the judicial economy,” the presentation said.
