Representatives of Binance and the SEC have suggested that a new cryptocurrency working group may affect the outcome of the case between the exchange and the regulator.
New Working Group and Legal Pause
Fox Business correspondent Eleanor Terrett called the joint SEC and Binance statement an 'unprecedented' case. In her opinion, this step is connected with the change of leadership in the department. Mark Uyeda is currently the interim head, but soon, U.S. Congress is expected to approve cryptocurrency supporter Paul Atkins for this position. The SEC working group on digital assets appeared in late January, and it is headed by Commissioner Hester Peirce, known in the crypto community as 'crypto-mom'. The group aims to develop a comprehensive regulatory framework for cryptocurrencies.
BNB Reaction and SEC Changes
According to CoinMarketCap, at the time of writing, the BNB token associated with Binance is trading at $638.98. Against the background of the news about the suspension of legal battles between the SEC and the crypto exchange, the coin grew by more than 5%. After Donald Trump, who supports the digital asset sector, came to power in the United States, the approach to cryptocurrency regulation is softening. The SEC, without Gary Gensler, known for his tough stance on the crypto industry, is increasingly cooperating with crypto market players.
Future Prospects for Crypto Regulation
Eleanor Terrett believes that crypto projects will soon be able to reach peaceful solutions in legal disputes with the Commission. 'I expect we will see other non-criminal cases (e.g. Ripple, Coinbase, Kraken, etc.) follow suit,' the journalist noted.
The pause in the case between Binance and the SEC might be a significant step towards revising crypto regulation, allowing more constructive collaboration between parties.
