According to reports, the legal case against Binance has been halted for 60 days as the exchange and the U.S. Securities and Exchange Commission (SEC) await potential developments in the crypto special team. This significant progress in the Binance case comes after the appointment of Mark Oveda as the new SEC chairman last month. The reason for the case suspension, as stated in a joint request submitted to the court, is the formation of a crypto special team led by Hester Peirce. This pause could alter the course of the case and expedite its resolution. Following the 60-day period, a report will be sent to the court to determine if an extension is necessary. This temporary suspension saves resources and prevents prolonged legal proceedings to aid in a quicker resolution of the case. In January, Binance and its founder, Changpeng Zhao (CZ), filed a motion to dismiss the case, arguing that the SEC failed to prove their complaint aligns with the Howey test. Additionally, Binance stated that the SEC has not provided a clear framework to differentiate between tokens sold as investment contracts and tokens like Bitcoin and Ethereum traded as commodities. Some experts believe this approach may lead to similar cases involving Ripple, Coinbase, and Kraken being halted. Ultimately, the SEC’s special team aims to clarify laws related to digital assets and intends to propose new regulations in this area. On the real-time digital currency price page, you can monitor the prices of all tokens and cryptocurrencies live and up-to-the-minute.
