Binance and the US Securities and Stock Exchange Committee (SEC) jointly submitted a proposal to suspend the recent lawsuit against 60 -day encryption.
This procedure follows the last appointment of President Mark Oida, who took over the leadership of the Supreme Education Council last month.
Legal stop for 60 days
The movement refers to the newly established encryption squad as a potential impact on the situation and remember that “this work of this business group may affect and facilitate the potential accuracy of this issue.”
After a period of 60 days, both parties intend to submit a joint case report to assess whether there is a justification for the extension of the residence. this MoveAccording to the Fox Business Eleanor Terrett correspondent, he can put a precedent for other non -fraud cases involved in encrypted currency companies, such as Ripple, Coinbase and Kraken, to search for similar stops in legal procedures.
According to the court’s report, both parties believe that the work of the work squad “may affect and facilitate the potential solution to this case.” Temporary residence is designed to prevent bias against either side and can maintain resources by avoiding more discovery on the foundations.
This development comes a month after the US Supreme Court rejected an appeal from Binance and its founder, Chek Chic to eliminate the collective lawsuit to move forward. The Supreme Court’s decision, with the support of a prior ruling from the American Court of Appeal for the second circle, which decided that the laws of US stocks apply to Binance, although there is no physical headquarters in the country.
This ruling was based on the fact that transactions by American investors were addressed on American servers, which is subject to the exchange of coding to the country. However, this strike is expected to reduce this strike on many continuous legal battles.
The encryption workplace
As mentioned earlier, SEC created a specialized business squad on January 21, led by Commissioner Hyster Peres. The main goal is to develop a comprehensive and transparent regulatory framework for digital assets, which flashes flavorful with the previous approach that focuses on the SEC application during the era of former President Joe Biden.
The work group will focus on clarifying the classification of digital assets, identifying registration requirements, and determining the disclosure frameworks for encryption entities. The work group is also assigned to cooperate with stakeholders in industry and other organizational agencies to coordinate regulations and reduce judicial interference.
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