front pagenewsSEC seeks delay in cryptocurrency enforcement case as task force reviews

SEC seeks delay in cryptocurrency enforcement case as task force reviews

Published on

spot_img

Yerevan (CoinChapter.com) - The U.S. Securities and Exchange Commission (SEC) has asked for more time in its crypto enforcement case against Cumberland DRW, citing its Crypto Task Force’s role in shaping the enforcement action.

In a Feb. 10 filing with the U.S. District Court for the Northern District of Illinois, the SEC asked a judge to extend its deadline for responding to Cumberland DRW’s motion to dismiss from Feb. 19 to March 21. The agency said the involvement of the Crypto Task Force could affect the case’s progress.

“The SEC believes that an extension of time is appropriate and will allow the parties to explore options for a potential resolution of this matter while preserving legal resources,” the filing reads.

SEC takes similar approach in Binance case
The SEC and Binance filed a joint motion on Feb. 10 to suspend their ongoing legal proceedings for 60 days, citing the SEC’s Crypto Task Force’s role in shaping regulatory decisions. The motion states that the Crypto Task Force’s work could affect the resolution of the case.

“The work of this task force may influence and facilitate the potential resolution of this case,” the SEC and Binance wrote.

This is the first major legal stay in a crypto case since Mark Uyeda became SEC chairman on January 20, 2025. The SEC and Binance plan to review the case after 60 days and issue a joint report on whether to extend the stay.

“Because this is a joint motion, there is no prejudice to either party and a stay may conserve resources for each party because there would be no need to continue the substantive investigation if an early resolution could be achieved,” the motion reads.

SEC's Complaints Against Cumberland DRW
The SEC filed an enforcement action against Cumberland DRW in October 2024, alleging that the company sold $2 billion worth of cryptocurrency while acting as an unregistered dealer.

On February 11, Judge Matthew Kennelly granted the SEC’s motion for a 30-day extension but warned against expecting further extensions.

SEC’s Crypto Enforcement Cases: Coinbase, Kraken, Ripple
The SEC’s request for an extension raises questions about how it will proceed in other crypto enforcement cases, including those against Coinbase, Kraken and Ripple Labs. The SEC lawsuit against Coinbase has been paused pending a decision by an appeals court. Meanwhile, both Ripple and the SEC are appealing a $125 million judgment due in August 2024.

Former Assistant U.S. Attorney Mark Bini commented on the situation:

“It’s clear that the SEC is going to completely change its enforcement activities around crypto, and it makes sense that they would pause major ongoing actions like Binance and await guidance from the SEC’s Crypto Task Force. If the SEC now believes that most cryptocurrencies are not securities, those actions may be terminated entirely.”

The impact of the SEC’s crypto task force on ongoing cases
The SEC’s crypto task force plays a role in shaping the agency’s approach to enforcement. With Commissioner Mark Uyeda taking over as interim SEC chairman, the commission’s public statements could also influence criminal cases involving allegations of securities law violations.

As a result, former SafeMoon CEO Braden John Karony requested a 30-day delay in jury selection for his criminal trial, citing recent changes in the SEC’s crypto policy. As such, his legal team pointed to comments from SEC Commissioner Hester Peirce, who suggested the regulator could provide retroactive relief for specific crypto-related enforcement actions.

Meanwhile, the SEC’s crypto enforcement strategy continues to shift. As a result, the Crypto Task Force now plays a central role in shaping the future of these cases.

Latest Articles

Hedera价格预测:是否会飙升至8美元?随着Lightchain AI吸引主要投资者,市场展望乐观

Hedera价格预测显示,它可能会飙升至8美元,围绕该项目的看涨前景正在逐渐形成。随着Hedera的势头增强,Lightchain AI也在吸引重要投资者,已经在预售阶段以0.006美元的价格筹集了超...

卡尔达诺触发重大买入信号,FXGuys预售目标在2025年第三季度达到1000万美元

Cardano(ADA)发出明确的买入信号,激励交易者和机构支持者 ADA似乎有可能因更高的资金流入和积极的技术信号而上涨。然而,随着Cardano的发展,FXGuys的第三阶段预售突破450万美元...

帕维尔·杜罗夫获准离开法国,正值法律纠纷期间

YEREVAN (CoinChapter.com) — Telegram创始人帕维尔·杜罗夫(Pavel Durov)在2025年3月13日获得法国法院批准后,离开法国并前往迪拜。他的离开紧随2024...

这一区块链突破能否比Solana更快地带来20倍收益?

这种区块链突破能否带来比Solana更快的20倍收益?Lightchain AI 已经通过预售筹集了超过 1720 万美元,预售价格为 0.006 美元,并且将自己定位为加密领域最有前景的项目之一。凭...

More Articles

Hedera价格预测:是否会飙升至8美元?随着Lightchain AI吸引主要投资者,市场展望乐观

Hedera价格预测显示,它可能会飙升至8美元,围绕该项目的看涨前景正在逐渐形成。随着Hedera的势头增强,Lightchain AI也在吸引重要投资者,已经在预售阶段以0.006美元的价格筹集了超...

卡尔达诺触发重大买入信号,FXGuys预售目标在2025年第三季度达到1000万美元

Cardano(ADA)发出明确的买入信号,激励交易者和机构支持者 ADA似乎有可能因更高的资金流入和积极的技术信号而上涨。然而,随着Cardano的发展,FXGuys的第三阶段预售突破450万美元...

帕维尔·杜罗夫获准离开法国,正值法律纠纷期间

YEREVAN (CoinChapter.com) — Telegram创始人帕维尔·杜罗夫(Pavel Durov)在2025年3月13日获得法国法院批准后,离开法国并前往迪拜。他的离开紧随2024...
en_GBEnglish