On February 13, a federal judge in Washington, D.C., granted a 60-day stay to the U.S. Securities and Exchange Commission's civil lawsuit against Binance, the world's largest cryptocurrency exchange.
U.S. District Judge Amy Berman Jackson issued the order after both parties mentioned that the formation of a new SEC task force focused on cryptocurrency regulation might impact the case's resolution.
This SEC task force, established recently and led by Republican Commissioner Hester Peirce, who strongly supports cryptocurrencies, was a key factor in the decision.
The SEC had sued Binance and its founder Changpeng Zhao in June 2023, alleging various wrongdoings, including inflating trading volumes, misusing customer funds, and providing misleading information about its oversight practices.
President Donald Trump, a Republican figure, aims to establish the United States as a global hub for the cryptocurrency sector. He has proposed nominating Paul Atkins, known for his crypto-friendly stance, for the position of SEC chair.
Atkins is expected to replace Gary Gensler, who faced industry backlash for advocating stricter cryptocurrency regulations and challenging what he saw as the industry's unregulated environment.