- Binance and SEC submitted a joint request to hold the ongoing case.
- The crypto community wants to drop the case instead of delaying it.
Binance and the U.S. Securities and Exchange Commission (SEC) have jointly filed a motion to put their lawsuit on hold. This step is taken due to the SEC’s cryptocurrency working group potentially intervening in the lawsuit process.
According to Fox Business reporter Eleanor Terrett, this was the first request to pause a crypto lawsuit in the court since Mark Uyeda was appointed as acting chair.
In December 2024, Binance and its founder Changpeng “CZ” Zhao requested the court to dismiss the case. The exchange claims that the SEC was unable to highlight how its complaint satisfies the Howey test.
Besides this, CZ also argued that the regulator failed to provide a clear method to differentiate between tokens sold as investments and those sold as commodities. This includes prominent cryptocurrencies like Bitcoin and Ethereum.
Sixty Days Pause On Binance Litigation
Today, journalist Eleanor Terrett revealed the latest update on the SEC versus Binance lawsuit. She mentioned that both parties plan to issue a joint status report after the 60-day period to assess whether a continuation of the stay is necessary.
Terrett also anticipates that the crypto lawsuits such as Ripple XRP, Coinbase, and Kraken, might do the same thing. However, the crypto community’s opinions are different on this update which was seen in Terrett’s comment section. Most of the users believe that the cases should be dropped instead of being delayed.
These comments clearly show that the crypto community is now fed up with these lawsuits as they hinder the growth of crypto space as well as crypto businesses. Moreover, legal expert Jeremy Hogan also predicted in their X post that the XRP lawsuit would settle before its ETF approval.
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