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by Mike Caswell

The U.S. Securities and Exchange Commission has paused its case against Binance Holdings Ltd., the cryptocurrency exchange founded by Canadian Changpeng Zhao, while the SEC considers a "new regulatory framework" for crypto assets. The SEC had been pursuing Binance, which handled as much as $9.58-trillion in trading, for operating in the U.S. as an unregistered exchange. (All figures are in U.S. dollars.) The SEC previously claimed that the firm had been serving U.S. investors with no oversight or controls over billions of dollars in assets.

The pause for the case is contained in a joint motion filed on Monday, Feb. 10, in federal court in the District of Columbia. In seeking to stay the matter, the SEC says that its new acting chairman, Mark Uyeda, has set up a task force to develop regulations for crypto assets. The resulting regulatory changes "may impact and facilitate the potential resolution of this case."

Monday's motion does not venture into politics, but it appears that Mr. Uyeda will be following a different path on cryptocurrency regulation that his predecessor. Mr. Uyeda became acting chairman of the SEC after the former chairman, Gary Gensler, resigned with the arrival of President Donald Trump in office. One of the executive orders that Mr. Trump enacted after becoming president was one that set out his policy "to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy."

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