The United States Securities and Exchange Commission (SEC) and Binance Have Separately Requested a 60-day Reprieve

The United States Securities and Exchange Commission (SEC) and Binance have separately requested a 60-day reprieve in their current legal battle

The U.S. Securities and Exchange Commission (SEC) and Binance have jointly requested a 60-day reprieve in their current legal battle. The request, which was filed late Thursday in the U.S. District Court for the District of Columbia, asks that Judge Amy Berman Jackson accept a temporary stay of proceedings as both sides continue to engage in settlement talks and consider what’s next in the complex litigation.

The SEC and Binance are also required to file a new joint progress report after their present 60-day pause, which is the second such extension approved this year. The earlier delay, approved Feb. 11, came days after SEC Chairman Gary Gensler, an outspoken critic of cryptocurrencies, stepped down and commissioner Mark Uyeda, who is more supportive of crypto, became acting chairman.

The SEC sued Binance and its CEO, Changpeng “CZ” Zhao, for allegedly flouting U.S. regulations to generate money while endangering investors. The SEC’s action, filed in June, accuses Binance of improperly marketing and promoting tokens while operating without necessary registration.

CZ resigned as CEO in November, admitting to money laundering and operating the business without a formal license. Binance agreed to pay more than $4 billion to settle with the Department of Justice, and CZ was sentenced to four months in prison before being released in September. Despite these difficulties, Binance continues to operate and participates in the SEC’s Crypto Task Force, which was established in February to clarify digital asset legislation. Legal analysts believe that this case is likely to have a major effect on the regulation of bitcoin in the United States in the future.