The joint motion by the regulator and the giant crypto bourse comes as the recently installed crypto task force lays foundations for a formal framework.

The new US Securities and Exchange Commission (SEC) administration makes a grand move to issue a joint motion with Binance to stay the case for 60 days.

There has been a lot of debate the past few months about what the SEC would do with its ongoing crypto litigation and now we have the answer,” said Am Law 10 firm partner Ladan Stewart.

The SEC and Binance have filed a joint motion to pause their legal case for 60 days, citing the work of the new SEC Crypto Task Force.

Crypto exchange Binance and the SEC filed a joint motion to hit pause on their lawsuit, saying shifting sentiment could change the outcome.

The parties say the SEC’s new task force on cryptocurrency regulations may ‘impact and facilitate the potential resolution of this case’.

In a court filing dated Monday, the parties said the task force, formed last month to work on crypto regulations, may "impact and facilitate the potential resolution of this case". The stay could be an early sign of the SEC's pivot to a more crypto-friendly stance,