The US Securities and Stock Exchange Committee (SEC) and Global Crypto Exchange Binance submitted a joint suggestion to stop the two -month continuous legal battle, indicating the ongoing changes in the organizational agency.
SEC opposite Binance to stop temporarily
On Tuesday, Elianor Territ, Fox’s journalist I mentioned SEC and Binance, the United States, have requested a 60 -day stop in the organization’s case against global encryption. The joint movement argues, on February 10, 2025, that litigation requires residency due to the establishment of a SEC’s encryption team, led by SEC Hester PEIRCE Commissioner.
The two parties consider that the work squad, which was established by the Chairman of the Acting Committee, Mark Oida, to help develop an organizational framework for encryption principles, can “affect this possible situation and facilitate the solution of this issue.”
SEC and Binance's joint motion to stay. Source: Court Listener
In June 2023, the Supreme Education Council filed a lawsuit against the exchange of encryption, on the pretext that its American Bam Trading Services Inc. .
The US monitoring argued that the lack of registration enabled Binance to manage a trading platform that is not organized to expose American investors to significant risks and mislead customers regarding security and organizational supervision of their assets.
The stock exchange submitted a request to reject the lawsuit, claiming that the Supreme Education Council exceeded its legal authority, but Judge Amy Berman Jackson was a ruling against the proposal in July 2024.
The court ruling rejected the claims related to the secondary market sales of the BNB symbols and the Binance (BusD) classification as an investment contract, and “emphasizing that the coded codes themselves are securities.”
Nevertheless, Judge Jackson allowed this case to move forward with the drainage program claims, the ICO initial sales (ICO), and anti -securities violations of the Securities Law.
More next joint suggestions?
According to a court document on Monday, the organizational agency proposed a short residence with the Binance, which was approved by the exchange of encryption, taking into account the “appropriate and interest of the judicial economy.”
Moreover, the common movement confirms that residence can “save the resources of the limbs” if an early solution is reached, which removes the need to continue to discover the foundations.
Moreover, this brief residence will enhance the effective use of the court’s resources, because the decision would avoid the need for the court to resolve the suspended defendants’ requests to reject the amended complaint.
After residency for 60 days, the Binance and SEC plan to submit a joint case report, including whether there is a justification for a continuation of the residence.
Terret claims that a joint residency proposal is the first required stoppage in coding claims in the courts since Uyeda became an Acting chair on January 20. The journalist added that she expects to see other non -engraved reasons, such as Ripple, Coinbase and Kaken, follow her example and ask for a proposal.
Binance Coin (BNB) trades at $634.76 in the one-week chart. Source: BNBUSDT on TradingView
Distinctive photo of Unsplash.com, Chart from Tradingview.com
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