CoinDesk

Feb 11, 2025

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Binance and SEC Seek 60-Day Stay for Case Resolution

The U.S. Securities and Exchange Commission (SEC), Binance, and former CEO Changpeng Zhao (CZ) have requested a 60-day stay in their legal case to facilitate an early resolution and conserve resources. The case, initiated in 2023, accuses Binance and BAM Management of violating securities laws.

The SEC recently established a Crypto Task Force aimed at creating a regulatory framework for cryptocurrencies, potentially aiding in the case's resolution. Interim SEC Chairman Mark T. Uyeda leads this initiative.

A Binance spokesperson expressed gratitude for the new SEC leadership and maintained that the case lacks merit, emphasizing the company's commitment to maintaining a secure, licensed exchange.

In recent developments, major crypto firms advocate for reduced regulatory enforcement as former SEC Chair Gary Gensler steps down, coinciding with President Trump's executive order promoting crypto-friendly policies.