SEC and Binance request a 60-day “ceasefire” in cryptocurrency lawsuit

The SEC and Binance filed for a 60-day stay on the case on February 10 , marking the first step in ending major cryptocurrency litigation under acting chairman Mark Uyeda . The move involves the creation of the SEC’s Crypto Task Force.

The SEC and Binance have suggested that the Crypto Task Force could help resolve the lawsuit. Other companies like Ripple , Coinbase , and Kraken are likely to make similar moves.

The first requirement to stop a crypto case according to Uyeda
After 60 days, the SEC and Binance will jointly report on whether to extend the suspension. They asserted that the move does not disadvantage either party and could save resources if a resolution is reached soon.

A Binance spokesperson thanked interim chairman Uyeda for his thoughtful approach to digital assets. According to FOX Business reporter Eleanor Terret , this is the first stay in crypto litigation under Uyeda.

Terrett predicts companies like Ripple, Coinbase and Kraken will likely follow suit.

Commissioner Peirce acknowledged on February 4 that many lawsuits, regulations, and market participants remain in a precarious state. She stressed that resolving these issues will take time and require cooperation between the SEC and other regulators, and urged patience.