Exciting news for Binance Coin investors as BNB surged 15% to reclaim the $700 mark after the SEC requested a 60-day pause in its high-stakes legal battle with the top centralized exchange.
The SEC and Binance have filed a joint motion with the US district court for the District of Columbia requesting a 60-day stay on their ongoing case.
According to court documents seen by Investing Haven, the primary reason given for the request to pause the case was that acting SEC Chairman, Mark T. Uyeda, had “launched a crypto task force dedicated to helping the SEC develop a Case 1:23-cv-01599-ABJ-ZMF Document 296 Filed 02/10/25 Page 1 of 4 regulatory framework for crypto assets.1 The work of this task force may impact and facilitate the potential resolution of this case.”
The news was received with a lot of optimism by investors and analysts who believe the crypto-friendlier Trump administration and SEC will be more lenient to Binance and other exchanges. The evidence that the current SEC is more tolerant of the crypto industry is the re-introduction of staking services to US clients by Kraken after forceful pause and fines by Gensler’s SEC.
Paused Litigation Sends BNB and Binance Chain Tokens Skyrocketing
In reaction to the news, the Binance Coin has rallied by more than 15% in the past 24 hours to reach intra-day highs of $722. This is significant because it has helped the altcoin rally to recapture much of the gains lost to CPI and tariff-fueled price crashes. It ha also helped BNB overtake Solana as the 5th largest crypto by market cap.
It also makes BNB the only top 10 crypto trading less than 10% below its all-time high – outperforming the likes of Ethereum, which is down 45% from its ATH.
Tokens on the Binance ecosystem have also posted explosive gains. CAKE – the native token of the largest decentralized exchange on Binance Chain – Pancake Swap, for example, is up by more than 60% in the last 24 hours.
Other Factors Fueling BNB’s Uptrend
For starters, there is the continued demand for BNB coins, as evidenced by the fact that the number of active BSC addresses recently breached the 500 million mark. Secondly, the Binance Smart Chain just launched its optimistic 2025 roadmap that seeks to introduce rapid block times and gasless transactions.
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