The U.S. Securities and Exchange Commission and Binance asked the U.S. District Court for the District of Columbia Monday evening for a 60-day stay of the litigation over the agency’s allegation that the crypto exchange inflated trading volumes, diverted customer funds and misled investors about its market surveillance controls.
“On January 21, 2025, new SEC Acting Chairman Mark T. Uyeda launched a crypto task force dedicated to helping the SEC develop a regulatory framework for crypto assets,” both sides wrote in the motion. “The work of this task force may impact and facilitate the potential resolution of this case. Accordingly, the SEC proposed a brief stay to defendants, and the defendants agreed that a stay is appropriate and in the interest of judicial economy.”