Legal proceedings between cryptocurrency exchange Binance and the US Securities and Exchange Commission (SEC) are taking a step back as both parties seek to reach an agreement. The SEC filed a lawsuit against Binance in 2023, alleging unregistered operations and violations of securities laws. This follows claims that Binance’s US subsidiary and former CEO Changpeng Zhao acted as unregistered brokers and exchanges. Additionally, the SEC has raised concerns about asset commingling and manipulation on the BinanceUS platform. The SEC has requested a two-month extension to facilitate productive discussions regarding the newly formed cryptocurrency task force. The task force aims to clarify how crypto assets fit within securities laws, potentially influencing the SEC’s claims. This pause in proceedings highlights the significant role of regulatory clarity during these legal battles.