The SEC Wants to Put Its Case Against Binance on Hold — WSJ

By Angus BerwickThe Securities and Exchange Commission asked a court to pause its case against Binance, underscoring a new approach to the crypto industry under the Trump administration.The SEC made the request in a joint motion filed late Monday with the crypto exchange. It proposed a 60-day stay while a new task force, set up by President Trump's acting SEC Chairman Mark Uyeda, works on a regulatory framework for cryptocurrencies."The work of this task force may impact and facilitate the potential resolution of this case," the motion said. The federal court in Washington, D.C. hasn't yet ruled on the request.The SEC, then led by Gary Gensler, charged Binance and founder Changpeng Zhao in 2023 with a slew of securities violations. It alleged Binance operated unregistered exchanges, misrepresented trading controls, and commingled investors' assets with company funds. Binance has always said the case was without merit.Binance, the world's largest crypto-trading platform, separately pleaded guilty that year to violating U.S. anti-money-laundering requirements and agreed to pay a $4.3 billion fine. Zhao served four months in jail on a related charge."We are grateful to Interim Chairman Uyeda for his thoughtful approach to ensuring digital assets receive the appropriate legislative and regulatory focus in this new, golden era of blockchain in the U.S. and around the world," a Binance spokesperson said Tuesday.While the SEC backs off regulation by enforcement of the crypto industry, Trump on Monday also put the brakes on a law that forbids U.S. companies from bribing foreign officials to win business. He signed an executive order aimed at the Foreign Corrupt Practices Act, which has been used to punish overseas misconduct.This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).