The largest cryptocurrency exchange, Binance, and the U.S. Securities and Exchange Commission (SEC) have jointly filed a motion to pause legal proceedings for 60 days. This comes amid the formation of a special task force on digital currencies within the agency and the prospect of legislative reforms. This was reported by Reuters.
According to the document, “the task force’s work may impact this case and provide a potential resolution.”
After 60 days, the parties will submit a joint report and decide whether to extend the pause.
“We are grateful to Acting SEC Chairman Ueda for his thoughtful approach to ensuring that digital assets receive proper legislative and regulatory attention in this new, golden era of blockchain in the U.S. and worldwide,” a Binance representative commented to ForkLog.
The dispute between the exchange and the Commission has been ongoing since June 2023. The regulator demanded a ban on Binance’s operations in the U.S., the seizure of illegally obtained revenues with interest, and the imposition of financial sanctions against the company and its founder, Changpeng Zhao.
“The SEC’s case has always been unfounded. We are eager to put this behind us and continue focusing on ensuring Binance remains the safest, licensed, and trusted exchange in the world,” added the platform’s representative.
Back in December 2024, Binance.US announced plans to resume cryptocurrency trading paired with the U.S. dollar.