Binance and the U.S. Securities and Exchange Commission (SEC) have jointly requested a 60-day suspension of their ongoing legal case. As reported by FOX reporter Eleanor Terrett, the request is based on the possibility the SEC’s newly formed cryptocurrency working group could affect the results of the case. If granted, it would be the first such legal pause in a crypto-related lawsuit since Mark Uyeda took the job of acting SEC chair.

SEC and Binance Pause Legal Case to Await Task Force Findings

Eleanor Terrett, states that both Binance and the SEC think that the findings and efforts of this working group can help in resolving the case. The joint motion states that the task force’s efforts “may help and assist in the resolution of this case.” Taking these considerations into account, the two parties have agreed the case should be suspended on a temporary basis.

Binance and the SEC have declared that once the 60 days are over, a joint status report will be submitted by both parties. It will be a report to see whether the case should be extended, or it should proceed. Watching closely with industry observers are the implications of the request for a pause in regulatory discussions about cryptocurrency.

Ripple, Coinbase, and Kraken May Follow the Lead

Other non-fraud crypto related cases such as the Ripple, Coinbase, and Kraken cases may use a similar approach, according to Eleanor Terrett. This is a trend and, if such a trend continues, there could be a shift in where regulatory bodies and cryptocurrency firms consider when resolving legal disputes in light of changing policies and enforcement approaches.

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By requesting a suspension, it shows the need for the SEC’s changing stance on digital assets. If the working group’s findings are part of the discussions, the impact may be more than just this case and may end up impacting regulatory approaches in the future. This request will be watched closely by the crypto community, because the outcome could set the tone for how such cases are handled in the future.