The SEC and lawyers request Federal Court to pause Binance case proceedings for an additional 60 days

On April 12th, as per the report by Coindesk, the lawyers of the U.S. SEC and Binance petitioned a federal court to once more postpone the SEC-Binance litigation by another 60 days. It is reported that in 2023, the U.S. Securities and Exchange Commission (SEC) sued Binance for violating federal securities laws. In February of this year, after U.S. President Donald Trump was re-elected and appointed Commissioner Mark Uyeda as the Acting Chairman, the SEC requested a 60-day pause in the case, which is set to expire next Monday. The SEC explained that they have established a newly formed cryptocurrency working group with the aim of drafting clearer guidelines on how securities laws apply to digital assets. In the filing on Friday, the lawyers involved in the case stated that, considering "how the efforts of the cryptocurrency working group may impact the SEC's claims," they are therefore requesting another 60-day extension. The filing stated, "Given these ongoing discussions and the time the staff would require to seek Commission authorization to approve any resolution or modification of the scope of this litigation when deemed necessary, the SEC requests that the Defendants agree to extend the current stay for an additional 60 days, that the Defendants agree that the continued stay is appropriate, and that it serves the interests of judicial economy."