The joint move is the first clear effort to retreat from previous code enforcement by US regulators under Democrats’ leadership.
Binance and the U.S. Securities and Exchange Commission (SEC) cite the potential impact of the newly launched task force, and according to a court application, the federal judges will continue to maintain regulatory cases against Crypto Exchange. I asked.
The motion demanding a 60-day stay marks the first clear effort to retreat from the SEC’s previous code enforcement under Democrats’ leadership.
In a joint complaint filed late Monday, the parties said the SEC task force, which was established last month to tackle crypto regulations, “will affect and promote the potential resolution of this case.”
The stay is seen as an early sign of the SEC’s pivot to a more crypto-friendly stance, reflecting President Donald Trump’s pledge to make the US a global hub for the industry.
Under Republican leadership, the SEC was expected to begin reviewing existing lawsuits against Binance, which the regulators claim to list crypto tokens that behave like securities.
An agency spokesman declined to comment beyond court filings.
“We’re approaching it to use the enforcement department to set policies,” said Republican Sec Commissioner Hester Peirce at an event for federal law and public policy studies, a conservative and libertarian law organisation. “I did.”
“Crypto’s SEC Shift”
SEC regulators sued for Vinance in June 2023, and its US unit and founder Changpeng Zhao artificially inflated trading volumes, diverting customer funds and misleading investors’ market surveillance management. I criticized it.
“The SEC case has always been without merit. We are keen to keep this behind us and keep our focus on maintaining the safest, licensed, reliable exchange in the world,” Binance said. a spokesman for this said, Chairman Mark Ueda.
Former SEC official Corey Freyer criticized his stay.
“Crypto’s SEC shift will reach its peak with the complete exclusion of obligation by delaying the case in which CEOs claim guilty against criminal charges and the SEC dies to a right that grants a violation of securities law. I’ll make it clear,” Reuters said.
Separately, Binance in November 2023 admitted to violating laws designed to prevent money laundering, and Zhao served time in prison for related charges.
However, the US government has made a sharp turn to code since Trump took office. The president tapped Paul Atkins, a crypto-friendly Washington, DC lawyer, as the new chairman of the SEC.
Although Atkins has not yet been confirmed by Congress, the SEC has already begun to shift priorities under existing Republican leaders, reassigning some of its crypto-enforcement lawyers to other areas and tightening the oversight of the investigation. Masu.
Gary Gensler, the former SEC chairman, asked Congress to help them control the Wild West of the code.
SEC’s Perth on Tuesday said there was a “positive aspect” to comparisons with Wild West, with regulators regulating the industry and investing in ways that “recognize the greatness of the American spirit that has moved west.” He pointed out that it needs to be protected.
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