New Development in Binance – SEC Case! They Filed a Joint Petition! Will It Affect the Ripple (XRP) Case? – BitRss

While SEC Chairman Paul Atkins is expected to take office, there has been a new development in the Binance and SEC case.

US media outlet Fox Business reported that Binance and the SEC have requested a 60-day stay in their ongoing lawsuit.

Fox Business reporter Eleanor Terrett reported in a post on her X account that Binance and the SEC have requested that their lawsuit in court be suspended for 60 days, considering that the SEC’s new cryptocurrency working group could have an impact on the case.

This is the first major development in the Binance case since SEC interim Chairman Mark Uyeda took over as SEC helm last month.

“Binance and the SEC have filed a joint motion to stay the lawsuit against Binance for 60 days, suggesting that the SEC’s new crypto task force could have a potential impact on the case.

“The work of this task force could influence and facilitate the potential resolution of this case,” they said.

In the joint petition submitted to the court, reference was made to the possible effects of the crypto task force created under the leadership of SEC member Hester Peirce, known as the crypto mother.

Both parties agreed that the work of the newly formed crypto task force could impact litigation resolution and said they would submit a status report at the end of the 60-day period on whether an extension was needed.

Eleanor Terrett predicted that following the developments in the Binance case, a similar path could be followed in crypto lawsuits filed against platforms such as Ripple, Coinbase and Kraken.

NEW ($0.01): Here’s the first requested pause on #crypto litigation in the courts since @MarkUyedaUS took over as acting chair. @binance and the @SECGov have just filed a joint motion to stay the agency’s case against the exchange for 60 days, citing the new SEC crypto task force as… pic.twitter.com/D2zcolMNC5