Binance and SEC: The Never-Ending Legal Siesta You Didn’t Know You Needed

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In a move that could only be described as “let’s hit snooze on this legal alarm for another two months,” the SEC and Binance have filed a joint motion requesting yet another 60-day pause in their ongoing legal tussle. Apparently, their lawyers are having “productive discussions,” which, in legal speak, probably means they’re still figuring out how to agree on what day it is. 🕰️

The motion aims to extend the stay granted by Judge Amy Beerman Jackson of the US District Court of Columbia, who, back in February, was kind enough to press pause on this legal drama after a similar request. Because, you know, why rush when you can procrastinate in style? 🎬

“Continuing The Stay is Appropriate and In the Interest of Judicial Economy”

According to a joint filing submitted on April 11, the SEC asked for the extension because, well, they need more time to “seek authorization” and “discuss stuff.” Binance’s lawyers, ever the agreeable bunch, chimed in with a resounding “Sure, why not?” because apparently, judicial economy is best served by doing absolutely nothing. 💤

Judge Jackson had initially granted a 60-day pause in February 2025 (yes, you read that right—2025) after the parties filed a similar joint motion. The reason? The SEC was busy with its shiny new crypto task force, established under the Trump Administration, which is tasked with developing a regulatory framework for cryptocurrencies. Because nothing says “efficiency” like a task force that takes years to figure out what a Bitcoin is. 🤷‍♂️

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The document, in all its bureaucratic glory, states:

“The work of this task force may impact and facilitate the potential resolution of this case…Accordingly, the SEC proposed a brief stay to Defendants, and the Defendants agreed that a stay is appropriate.”

The latest joint filing reads like a legal version of “We’re still talking, so let’s not do anything yet”:

“Since the Court stayed this case, the Parties have been in productive discussions, including discussions concerning how the efforts of the crypto task force may impact the SEC’s claims. In light of these continued discussions and the time required for the staff to seek authorization from the Commission as necessary to approve any resolution or changes to the scope of this litigation, the SEC requested that the Defendants agree to continue the current stay for an additional 60 days, and the Defendants agreed that continuing the stay is appropriate and in the interest of judicial economy.

At the end of the 60-day stay period, the Parties propose that they will submit another joint status report. A proposed order is attached hereto. Accordingly, the Parties respectfully request that the Court grant this Joint Motion to Continue the Stay.” 

The Original June 2023 Complaint

Let’s not forget how this whole mess started. The SEC filed its initial complaint against Binance, Binance.US, and Binance’s founder and former CEO, Changpeng “CZ” Zhao, for allegedly operating unregistered exchanges, broker-dealers, and clearing agencies. Because nothing screams “regulatory oversight” like filing a lawsuit and then immediately asking for a nap. 🛌

Binance wasn’t the only exchange to feel the wrath of the SEC under Chairman Gary Gensler’s rule. The SEC’s infamous 2023 crackdown included similar lawsuits against Kraken and Coinbase, because why sue one crypto exchange when you can sue them all? 🎯

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2025-04-13 07:06