SEC and Binance seek court approval to extend case pause by 60 days

The U.S. Securities and Exchange Commission (SEC) and Binance have jointly requested a 60-day pause in their ongoing legal battle, citing progress in settlement discussions. The change of gears could be attributed to the commission of the newly formed SEC Crypto Task Force, whose mandate is to harmonize securities laws for digital assets.

🚨NEW: The @SECGov and @binance have jointly asked the court to pause the case against the exchange for another 60 days. According to a recent filing, they’ve had “productive” talks, partly tied to the Crypto Task Force’s work, and say a continued pause is in everyone’s best… pic.twitter.com/0vH5MiE8wr

— Eleanor Terrett (@EleanorTerrett) April 11, 2025

In the court documents filed to the US District Court, the lawyers of the SEC and Binance agreed to reveal “constructive communications” about the case. The parties agreed that the pause would be enough to negotiate and obtain the necessary approvals.

In 2023, the SEC sued Binance for operating an unregistered clearing agency, broker, and exchange via its U.S. affiliate. The regulator also accused Binance of misusing customer assets and altering trading volumes on its U.S. platform.

The recent filing reveals that more consideration has been given to how the SEC’s Crypto Task Force might bear on its case against Binance. This task force was created earlier this year to improve the regulation of the crypto industry, which has defined contemporary cases.

As a response, the SEC and Binance have also contended that the continuance of the stay is in the best interest of the judicial economy. The current pause was intended to end on Monday but can be actually extended for the next 60 days if provided by the court.

Binance’s legal troubles continue

Binance has faced numerous legal issues since its formation in 2023. The SEC’s lawsuit accused Binance and CZ of bypassing US laws to get richer while subjecting investors to risks. In November 2023, CZ resigned from the CEO position and entered a plea before the DOJ on money laundering and money-transmitting business without a license.

In the DOJ case, Binance consented to settle for more than $4 billion in fines. CZ was convicted in April 2024 and was given a four-month imprisonment but was later released in September of the same year. Binance continues to operate despite regulations and is also involved in the SEC-formed working group.

Formed in February 2025, the task force aims to establish clear guidelines for digital assets. Such a broad policy can be considered an important move in shifting regulation clarification.

Ripple and SEC near final settlement approval

In another related development, Ripple Labs and the SEC draw closer to an end to a legal battle. Since both parties have filed cross-motions to stay their appeals pending settlement of the case, both appeals were withdrawn.

This filing submitted to the U.S Court of Appeals of the Second Circuit affirms the existence of an agreement in principle. Ripple’s CEO, Brad Garlinghouse, publicly stated that the SEC would withdraw some components of the appeal related to the July 2023 ruling, which was beneficial for Ripple.

However, the SEC must review and ratify the proposed plan. According to the legal representatives, more time would also be required for the SEC Commission to approve the resolution. After approval, the District Court would deliver an indicative ruling to complete the settlement.

Market analysts have predicted approval to happen in sync with the appointment of Paul Atkins as SEC Chairman. Atkins, a nominee under the current Trump administration, received Senate approval recently and is expected to assume office shortly.