The U.S. Securities and Exchange Commission (SEC) and defendants Binance Holdings Ltd., BAM Trading Services Inc., BAM Management US Holdings Inc., and Changpeng Zhao (CZ) filed a joint motion on Feb. 10, requesting a 60-day stay in their ongoing legal case. The filing, submitted to the U.S. District Court for the District of Columbia, seeks to pause proceedings while the SEC’s newly formed crypto task force develops regulatory guidelines.

This task force, launched by Acting SEC Chairman Mark T. Uyeda on Jan. 21, aims to establish a framework for digital asset oversight, which could influence the case’s resolution. The task force is led by Commissioner Hester Peirce. The defendants agreed with the SEC that the stay would serve judicial efficiency and could facilitate an early resolution.

BAM Trading Services Inc. and BAM Management US Holdings Inc., which operate Binance.US—the U.S.-based arm of Binance—are also named in the lawsuit, alongside Binance and its founder, Changpeng Zhao. The SEC alleges that they violated securities laws.

The motion argues that a stay will help conserve resources for both the court and the involved parties. If a resolution is reached, it could eliminate the need for further discovery and the court’s review of pending motions to dismiss. The legal teams representing Binance, BAM Trading Services Inc., BAM Management US Holdings Inc., and Zhao, along with SEC attorneys, emphasized that the stay is temporary and does not impact existing court deadlines.

The motion further cites legal precedent, noting that while indefinite stays are discouraged, limited-duration stays can enhance efficiency. In their request, the parties stated:

The Parties respectfully request that this Court grant this Joint Motion to Stay.

If the court approves the request, both parties plan to submit a joint status report at the end of the 60-day period to determine whether an extension is necessary. The motion suggests that regulatory clarity from the SEC’s task force could help resolve the SEC’s allegations against Binance and its affiliates. The case’s outcome could set a precedent for how cryptocurrency companies are regulated in the U.S. moving forward.

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