The decision occurs before the change of the SC towards a friendly approach to the industry.
The SEC is working to develop a regulation for cryptocurrencies, the announcement details.
The United States Stock Exchange and Securities Commission (SEC) presented on Thursday a motion to dismiss its demand against one of the greatest exchanges of cryptocurrencies, Binance. The action, which was presented jointly with the company, reaffirms a change in the organism’s strategy against regulation in the industry.
“In the exercise of its discretion and as a matter of policy, the commission believes that the dismissal of this litigation is appropriate,” says the document presented by both parties.
Both the SEC and Binance requested that the demand will be closed “with damage”, which means that The SEC will not be able to present this case again against the Exchange, its subsidiaries or its executives in the future. A provision that prevents the company, its affiliated entities or its managers to initiate any legal action against the SEC in relation to this cause was also included.
The original lawsuit had been filed in June 2023 against Binance, its United States platform and its founder, Changpeng Zhao (CZ). In it, the SEC accused the group of operating as Exchange, Bróker and Compensation Chamber without being registered with the regulator.
“This result confirms what we have always known: that we do not violate the laws of values of the United States”, communicated Binance after the presentation of the motion. “It is an important milestone for our company,” he emphasized.
“With this case behind, we are focusing all our attention on growth: expand access to cryptocurrencies, recover confidence and restore relationships that were affected by the SEC”
Binance, cryptocurrency exchange.
Also said the company that Now it is more optimistic than ever about the future of cryptocurrencies in the United States.
New approach to the regulation of the cryptocurrency industry
This new measure occurs after, in February, the SEC reported that it had paused the case against Binance, with the beginning of the mandate of President Donald Trump, which changed the restrictive approach to friendly towards the cryptocurrency industry. In addition, in the new motion he indicated that such care was given while a new working group within the SEC analyzed how to “develop a regulatory framework for cryptoactive.”
In addition to this movement, The same day I know presented In Congress a bill, called Claritywhich seeks to clearly define how cryptoactive supervision functions between the SEC and the Basic Products Trade Commerce (CFTC) should be distributed.
Meanwhile, as Cryptonoticias reported, Congress advances in the discussion on a bill that proposes to give a regulatory framework to Stablcoins issuing, and the government studies the budgetary way to buy Bitcoin (BTC).
The changes take place around Trump’s intention, announced on multiple occasions, to make the country the “capital” of the cryptocurrency industry. Under that end, he appointed Commissioner Mark Uyeda as interim president of the SEC and Paul Atkins as the head of the agency.
With the dismissal of the case, Binance leaves behind one of the most significant litigation in the history of exchange. This SEC play adds to more than a dozen investigations and judicial cases that he abandoned against other companies in the cryptocurrency industry, including other exchanges such as Coinbase and Kraken.
He clarified the motion, however, that “the decision of the commission to request the dismissal of this litigation does not necessarily reflect the position of the commission in any other litigation or procedure.”
