The legal battle between Binance and the U.S. Securities and Exchange Commission (SEC) has taken a new turn, as both parties filed a joint motion to pause their proceedings for two months.
Binance and SEC Joint Statement
Today, Binance and the SEC filed a joint statement to pause their case for two months. This decision is influenced by anticipated changes in SEC leadership and the work of a crypto task force aimed at potentially resolving the case.
Lejilex vs. SEC Case
Similarly, the SEC and Texas-based cryptocurrency company Lejilex have requested a delay for oral arguments originally set for February 20, and for any decisions on motions until April 11. Lejilex filed a complaint against the SEC in February 2024, challenging the SEC's claim to regulate most digital asset transactions. The company asserts that their new trading platform does not require SEC registration.
Potential Impact on the Crypto Industry
The pause in legal proceedings could significantly impact the crypto industry in the U.S. Lejilex hopes their action will encourage the SEC to reconsider its regulatory approach and work with the industry to support innovation in the country while upholding American laws and values.
The suspension of legal proceedings may provide Binance and Lejilex with an opportunity to negotiate more favorable terms with the SEC and foster the development of the crypto industry in the U.S.
