SEC Drops Lawsuit Against Binance: a Victory for Crypto

The US Securities and Exchange Commission has decided to withdraw its lawsuit against Binance, marking a significant shift in its approach to regulating the crypto industry. In a joint motion filed on May 29, the SEC, Binance, and its co-founder Changpeng Zhao requested the dismissal of the complaint filed in June 2023. The motion cited the SEC's Crypto Task Force as a factor in potentially resolving the litigation. The SEC and Binance had previously paused the action, with the agency's crypto unit hinting at a possible case dismissal. This move follows Binance and Zhao settling a separate case with the Department of Justice in November 2023. The SEC's decision to drop enforcement actions against various crypto firms signals a change in regulatory strategy under the leadership of former crypto lobbyist Paul Atkins. The SEC is now engaging with the industry to develop a framework for digital assets. Read more AI-generated news on: https://app.chaingpt.org/news