According to representatives of Binance and the SEC, the new working group on cryptocurrencies may affect the outcome of the case between the crypto exchange and the regulator.
Binance and SEC Agreed to a 60-Day Legal Pause
Fox Business correspondent Eleanor Terrett called the SEC and Binance motion an "unprecedented" case. In her opinion, this step is connected with the change of leadership of the department. Mark Uyeda is currently the interim head. Soon, the U.S. Congress should approve cryptocurrency supporter Paul Atkins, the nominee of President Trump, for this position.
"This is the first requested suspension of litigation involving cryptocurrency since Mark Uyeda became interim chairman. Binance and the SEC have just filed a joint motion to suspend the agency's case against the exchange for 60 days, citing the regulator's new cryptocurrency working group, which may affect the outcome of the case," Terrett wrote.
The SEC working group on digital assets appeared in late January. It is headed by Commissioner Hester Peirce, who is known in the crypto community as "crypto-mom." This group is expected to develop a comprehensive regulatory framework for cryptocurrencies.
Some believe that the changes in the SEC have already begun to positively affect the current litigation of the regulator against crypto projects. For example, recently all publications related to Ripple disappeared from the official website of the department. Representatives of the department have not yet commented on this situation, but the crypto community met the news with optimism.
BNB Reaction and Positive Changes at the SEC
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.
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.
