Plans to scale back crypto enforcement at the U.S. SEC materialized in court with a filing to resolve a complaint against Binance, the world’s largest crypto exchange.
According to a court filing, the Securities and Exchange Commission, Binance, and its founder, Changpeng Zhao, submitted a joint motion for a 60-day pause, seeking to settle the legal case without further proceedings.
The SEC sued Binance and Zhao in 2023, alleging violations of federal securities laws. Coinbase, another major crypto platform, faced similar accusations as former SEC chair Gary Gensler intensified his crackdown on digital asset businesses.
Documents filed in a U.S. court said the SEC’s Crypto Task Force, launched by interim chair Mark Uyeda, could aid “the potential resolution of this case.”
The task force was announced on Jan. 21, a day after President Donald Trump’s inauguration. SEC staffers were reportedly instructed to reassess ongoing litigation against crypto platforms and deprioritize cases that did not involve fraud.
Jorge Tenreiro, the SEC’s top crypto prosecutor, was even transferred from the legal division to the agency’s IT department as part of the internal reshuffle under Trump.
News of Tenreiro’s reassignment and the SEC’s shift away from aggressive crypto enforcement has fueled optimism for clearer regulations under the new White House administration.
For years, industry leaders like Binance and Coinbase have lobbied the SEC and policymakers for a clear regulatory framework. Trump’s return and Gensler’s departure have signaled Washington’s pivot toward a more crypto-friendly stance.
During a press conference, White House AI and crypto czar David Sacks confirmed President Trump’s interest in implementing “common sense” policies to protect investors and support blockchain adoption.
