So Binance and the SEC jointly filed for a stay on their ongoing court battle, which would — if approved — give the two parties two months to pause and figure out this new era.
Shocked? Why should you be shocked?
Matthew Frankle, a partner at Haynes Boone who specializes in enforcement and regulation of SEC cases, told Empire last month that he would not be surprised if a number of crypto-focused lawsuits filed by an ex SEC official were dropped.
It would also not be surprising to hear of a stay being filed in Coinbase’s case. Binance, like Coinbase, has been fighting against the SEC since a couple of years. While there are some differences between the two cases, they also share many similarities.
Both sides claim that a 60-day break would enable the SEC’s new task force for crypto to concentrate on potential threats. “resolution” The case. It sounds important that the SEC knocked on Binance’s door first to ask for a stay.
What a difference a few years can make!
If I’m reading the tea leaves — or legalese if you’d prefer — then it sounds like one of the Task Force’s first orders of business is going to be sorting through the Binance case if they think a 60-day pause is enough time for both sides to figure out how to proceed.
“Many cases remain in litigation, many rules remain in the proposal stage, and many market participants remain in limbo,” Hester Peirce, SEC commissioner and head of the task force Hester wrote in a letter earlier this month. “Please be patient.”
The SEC has already started to move, and the future looks brighter.
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