More news on the SEC case
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By Nikhilesh De , April 12, 2025, 1:30 PM
On Friday evening, lawyers for the U.S. Securities and Exchange Commission and Binance filed a joint status report asking a federal judge to extend a 60-day stay in the case for another 60 days.
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Who's left?
Narrative
Two new SEC cases were announced this week. The first, involving Binance and the SEC, was last stayed in February, though lawyers again requested a stay on Friday to continue arguing the issues. In a separate case, Nova Labs reached a settlement with the regulator.
Why is this important?
As we continue to monitor how the SEC shapes new approaches to digital asset issues, a key indicator remains how it manages its active litigation pipeline.
Let's break this down
On Friday, lawyers for the SEC and Binance (including Binance founder Changpeng Zhao, Binance.US, and others) filed a joint motion asking the federal judge in charge of the case to extend the stay, which was set to expire on Monday, for another 60 days.
The SEC initially said it had requested the pause to evaluate how the agency’s new crypto task force might impact digital assets and securities law enforcement. It reiterated that argument in Friday’s filing, saying the task force’s work “may have an impact” on its claims in the ongoing litigation. The initial pause was set to end April 14.
The SEC also filed a motion for consent after appearing to reach a settlement with Nova Labs, a company linked to Helium. Under the proposal, Nova Labs will pay $200,000 without admitting or denying the allegations.
The SEC first filed a lawsuit against Nova Labs in January 2025, specifically on January 17, 2025, three days before Donald Trump would be sworn in as the 47th President of the United States.
I suspect that a much larger number of cases or investigations are being resolved than CoinDesk has time to record — if you have received a Wells Notice and this has already been resolved, please reach out to us, we are genuinely interested. You can reply to this email or contact us via Telegram and Signal.
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