Binance & SEC asked For A 6-Day Stay On A Year Old Lawsuit Against The Former. What Could This Mean?

Trump made gigantic waves as soon as he took the helm. When he started his term, Trump released an official statement regarding new tariff plans for China, Canada, and Mexico.  This sent far and wide shockwaves in the trading world. As a result, cryptocurrencies experienced major price falls all across the board.  

However, one good thing from this change in power is Trump’s latest stance towards crypto. As promised, Trump is eyeing becoming more crypto-friendly. This is a stark shift from Biden’s outlook towards crypto. As a result, Trump has set a newly structured SEC whose sole aim is to regulate crypto in a way that makes the USA the crypto capital of the world.  

In a related turn of events, US SEC and Binance have jointly asked the court for a 60-day stay order. This appeal came in the light of new changes in the crypto community. The regulatory body claims this lawsuit can tarnish the relationship between the SEC and crypto businesses and their crypto-friendly stance.

In an official statement, the regulator said, “impact and facilitate the potential resolution of this case.” This stay is an early sign of a plausible shift towards a more crypto-friendly stance by the US government and SEC.  

The Shift 

This is a landslide moment in the history of crypto and digital assets as the SEC is making good on the promises made by Trump. Under the leadership of Gensler, crypto was often touted as ‘the Wild West.’ A place of lawlessness and unregulated activities. The current lawsuit was filed by the SEC under the leadership of Gensler. 

As per the lawsuit, Ex-Binance CEO Changpeng Zhao was accused of artificially inflating trading volumes in an attempt to mislead the market and cause false positives. Zhao was also accused of siphoning customer funds. Zhao and Binance were not the only pair who got themselves tangled in an ugly legal spat. Something similar happened to Coinbase as well.  

However, the new SEC has sworn to stop these ‘crackdowns’ on crypto institutions. Earlier this month, Hester Pierce shared an official statement claiming, “The Commission’s handling of crypto has been marked by legal imprecision and commercial impracticality…

It took us a long time to get into this mess, and it is going to take us some time to get out of it.” Therefore, the newer stance of the SEC when it comes to crypto is stated. Follow for more crypto news.