SEC and Binance: The Never-Ending Legal Soap Opera! 🎭💰

by

In a curious twist of fate, the US Securities and Exchange Commission (SEC) and the crypto exchange Binance have once again approached a federal judge, pleading for yet another two-month pause in their protracted legal saga, which has now stretched nearly two years. Ah, the sweet scent of procrastination wafts through the air!

“Since the Court graciously decided to stay this case, the Parties have engaged in what they term ‘productive discussions,’ which, let’s be honest, sounds more like a euphemism for ‘let’s just keep talking until we forget what we were arguing about,’” Binance and the SEC declared in their April 11 joint status report to the US District Court for the District of Columbia.

SEC’s Request: A Tale of Endless Extensions

According to the filing, the SEC, in its infinite wisdom, requested and Binance, in a moment of rare agreement, consented to yet another 60-day extension. This is all part of the regulator’s grand quest to seek permission to “approve any resolution or changes to the scope of this litigation.” Because who doesn’t love a good plot twist?

“The Defendants have graciously agreed that continuing the stay is not only appropriate but also in the interest of judicial economy,” the filing cheerfully noted. Because, after all, why rush to a conclusion when you can savor the drama?

This request comes on the heels of the SEC dropping a series of crypto-related lawsuits against other exchanges like Coinbase, Kraken, and Gemini, as well as Robinhood and Consenys. It’s like a game of legal musical chairs, and everyone is trying to avoid being left standing!

At the end of this new 60-day period, the SEC and Binance plan to submit yet another joint status report. This marks the second 60-day pause they have requested this year, following a previous extension granted by the judge on February 11. It’s almost as if they’re trying to set a record for the longest legal pause in history!

The request in February came just days after the crypto skeptic Gary Gensler stepped down as SEC chair on January 20, making way for the crypto-friendly Mark Uyeda to take the helm. Talk about a change in the winds!

At that time, the SEC and Binance also cited the establishment of the SEC’s Crypto Task Force as a reason for the pause. Formed just a day after Gensler’s resignation, the task force aims to “help the Commission draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously.” Sounds like a noble cause, doesn’t it?

The SEC’s legal battle with Binance has dragged on for almost two years, beginning in June 2023 when the agency filed a lawsuit against Binance, its US platform, and CEO Changpeng “CZ” Zhao. A tale as old as time, or at least as old as the last crypto boom!

The US regulator has pressed 13 charges against Binance, including unregistered offers and sales of the BNB and Binance USD tokens, the Simple Earn and BNB Vault products, and its staking program. It’s a veritable buffet of legal accusations!

Read More

2025-04-12 11:36