SEC and Binance Agree to 60-Day Pause in Lawsuit Amid Crypto Task Force Formation

The U.S. Securities and Exchange Commission (SEC) and Binance jointly requested a 60-day suspension of their ongoing lawsuit, according to a filing on February 10. The decision was prompted by the SEC's establishment of a dedicated crypto task force under Acting Chair Mark Uyeda, potentially influencing the case's resolution. Binance agreed to the pause, citing judicial efficiency. The lawsuit, initiated in 2023, accuses Binance of violating U.S. securities laws by offering tokens like Solana, Cardano, and Algorand. The SEC's new 'Crypto Task Force' is led by Commissioner Hester Peirce, who has criticized the SEC's previous enforcement tactics. The SEC is also reportedly downsizing its crypto enforcement unit, signaling a shift in its approach to digital assets.