This decision has sparked discussions within the cryptocurrency community, with commentators speculating its broader implications.

Notably, Ashley Prosper shared the news on social media, suggesting that this move could indicate that the Ripple case may be nearing its conclusion. In response, Zach Rector reacted enthusiastically, stating, “SEC vibe check! Looks like the war on crypto is over! XRP about to fly!”

SEC vibe check!

Looks like the war on crypto is over!

XRP about to fly! https://t.co/VHBUEux7Aq

— Zach Rector (@ZachRector7) February 11, 2025

Details of the Joint Motion

The SEC and Binance’s request for a stay is based on legal precedent allowing courts to pause proceedings when it serves the interest of judicial efficiency and does not unduly harm any party. The motion references Clinton v. Jones (1997), which affirms a court’s discretion to control its docket. The key reasons cited for the stay include:

Lack of harm to either party – Since the motion is jointly filed, neither side is contesting the pause.

Judicial efficiency – If the Crypto Task Force’s efforts lead to regulatory clarity, it could facilitate a settlement or alternative resolution, potentially avoiding prolonged litigation.

Avoiding unnecessary proceedings – If an early resolution is reached, the court may not need to rule on Binance’s pending motions to dismiss the amended complaint.

The SEC’s Crypto Task Force was announced on January 21, 2025, under Acting Chairman Mark T. Uyeda, focusing on establishing a regulatory framework for digital assets. The outcome of this initiative could have a substantial impact on multiple ongoing crypto-related cases.

Speculation on Broader Implications

Ashley Prosper’s interpretation suggests that if the SEC is reconsidering its approach in the Binance case, similar developments could occur in the lawsuit against Ripple. The SEC’s case against Ripple has been a focal point for the industry, with XRP holders closely monitoring any regulatory shifts.

Zach Rector’s reaction further underscores the optimism in the XRP community. His statement, “Looks like the war on crypto is over! XRP about to fly!” reflects a belief that the SEC may be shifting away from its historically aggressive stance on digital assets.

While no direct link has been established between the Binance motion and the Ripple case, the timing raises questions about whether broader regulatory changes could influence XRP’s legal status and market performance.

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Potential Outcomes

The 60-day stay could bring several key developments. If the Crypto Task Force establishes favorable guidelines, companies like Binance and Ripple may benefit from clearer compliance pathways.

A potential settlement between the SEC and Binance could also set a precedent for how the agency handles other crypto-related cases. Additionally, speculation around regulatory shifts often affects asset prices, meaning positive news could drive XRP’s valuation higher.

While it remains to be seen how this stay will impact the broader crypto landscape, the SEC’s willingness to pause litigation suggests that regulatory attitudes may evolve. If the Crypto Task Force leads to meaningful policy changes, it could alter the trajectory of enforcement actions against digital asset firms.

This development offers a reason for cautious optimism for XRP holders and the wider cryptocurrency community. However, as with any regulatory matter, concrete outcomes depend on the SEC’s next steps.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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Ripple and XRP Court Ruling as a Game Changer

Binance’s defense strategy takes a significant turn with its reference to a recent court ruling in Ripple’s favor. The ruling acknowledged that secondary market XRP sales did not fall under securities transactions. By emphasizing this precedent, Binance questions the SEC’s classification of crypto trading on its platform as securities transactions.

Read Also: Binance Blasts SEC for Misleading Claims About Consent Order Agreement

The memorandum of law in Binance’s motion to dismiss states, “The undisputed facts [XRP victory] showed no relevant relationship between the parties to the sale that could transform the sale of a digital asset into the sale of an investment contract.”

SEC’s Overreach and Lack of Legislative Authority

Beyond leveraging Ripple’s win, Binance strongly argues that the SEC’s lawsuit represents an overreach of its regulatory powers. The filing quotes SEC Chairman Gary Gensler’s comments from May 2021, where he admitted the absence of a regulatory framework for overseeing the cryptocurrency industry.

Binance points out that Congress has not enacted new legislation to expand the SEC’s authority in the digital asset space since Gensler’s acknowledgment. Consequently, Binance asserts that the SEC is attempting to achieve through litigation what it lacks through legislation, thereby surpassing the regulatory powers granted by Congress.

Read Also: Binance CEO Says SEC’s Request for Emergency Relief as Unjustified

Precedent and Regulatory Clarity

The outcome of Binance’s motion remains uncertain, as Ripple’s court ruling is on the verge of being appealed by the SEC, which eagerly needs the presiding judge’s approval. Nevertheless, this recent development underscores the importance of Ripple’s efforts so far.

Leveraging Ripple’s win could potentially lead to further regulatory clarity for the United States cryptocurrency industry. By challenging the SEC’s reliance on ICO cases and questioning its jurisdiction, Binance brings a fresh perspective to the ongoing legal battle.

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Contrary to claims from the SEC that it sued both Binance and Coinbase last week on behalf of digital asset investors, users, and holders, the top lawyer upholds that the U.S. SEC is not acting in the best interests of retail crypto holders, claiming that the Securities Commission has an agenda.

Read Also: Community Calls Coinbase to Relist XRP as Ripple CTO and General Counsel React to Major Development

Attorney Deaton wrote, “As I said to the Judge in the Ripple case, I expect Ripple to look out for Ripple and not individual XRP Holders. The same applies to Coinbase and Binance. But the SEC is not acting in the best interests of retail crypto holders and that is for sure. The SEC has an agenda.”

Hence, the move to become an amicus curiae in the lawsuits including Binance and Coinbase as he did in the ongoing XRP suit where the SEC insists Ripple violated securities law, contending that XRP is a security. 

Accordingly, the popular U.S.-based attorney who doubles as the managing partner of the Deaton Law Firm has shared a Google form to collect data from Binance and Coinbase users who would like to be represented in the SEC lawsuits. Upon collection of sufficient users’ data, Deaton noted that he would file a request to the court, asking to be granted amicus status in both lawsuits.

He wrote, “As I did in the Ripple case, I have a Google form to establish a putative class of customers and crypto account holders who use these platforms. If there’s interest, we can ask to participate and possibly be granted amicus status in an effort to make sure our voices are heard.”

Deaton added that personal data provided on the Google form will be kept confidential unless demanded in court. “Your name and email will not be shared or provided to anyone – unless ordered by a Court,” he remarked.

Read Also: Ripple CTO David Schwartz Debunks “Ripple Created XRP” Narrative, Tells Real Story

Notably, the top attorney reiterated that the aim of achieving amicus status is not to defend either Coinbase or Binance as he believes both companies would look out for themselves. “Just as I approached the Ripple case, I have no intention in defending these companies,” he tweeted.  

The Coinbase and Binance lawsuits share some common themes and characteristics but, at the same time, are quite different. I am not conflating the two and I understand the differences. Just as I approached the Ripple case, I have no intention in defending these companies.

— John E Deaton (@JohnEDeaton1) June 9, 2023

According to him, the main objective is to make known in court that the SEC is not seeking to protect crypto users. “Again, this isn’t about whether Binance or Coinbase did anything wrong. They have lawyers to defend them. Some of us just don’t want the SEC gaslighting the Court that it’s protecting us,” Deaton submitted.

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How long it would take Binance and its CEO, Changpeng Zhao (CZ), to defend themselves can yet be ascertained. But the major question in people’s minds is the reason why the securities watchdog didn’t mention XRP as a security in the Binance lawsuit.

Read Also: Lawyer Pinpoints Why Uphold Keeps Trading XRP in the U.S. Despite Ripple-SEC Lawsuit

This question was recently answered by Eleanor Terrett, a Fox Business Journalist and producer.

In a tweet on the 5th of June, she gave three important reasons.

As recently tweeted by TimesTabloid, the SEC’s complaint identifies 10 tokens it deems to be unregistered securities, which are supported by Binance in the United States. The target list includes Solana (SOL), Cardano (ADA), Polygon (MATIC), FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI.

Three Reasons Why the SEC Didn’t Mention XRP in Binance Lawsuit

After legal consultations, Terrett came up with three major reasons why XRP was omitted in the long list of digital tokens deemed as securities by the SEC.

According to Terrett, the SEC avoided the inclusion of XRP to stay away from risking inconsistent decisions.

Secondly, she said XRP is being litigated in another lawsuit, making it unnecessary to include the digital asset.

Read Also: Former Lawyer and XRPL Layer-2 Builder States Five Predictions for Ripple-SEC Lawsuit

Lastly, the journalist said mentioning XRP will strategically weaken the SEC’s case against Binance if Ripple eventually wins the long-standing lawsuit.

Eleanor Terrett noted:

“Some questions as to why the SEC did not name $XRP as a security token in the Binance lawsuit. According to some of my legal sources it could be one or all of a couple of reasons:

1. The SEC wants to stay away from risking inconsistent decisions. 2. It’s already being litigated and referenced in other lawsuits (why inject XRP into this dispute and open up potential discovery issues?). 3. If Ripple wins, strategically it weakens the SEC’s case against Binance in the eyes of the public, Congress and the press.”

Some questions as to why the @SECGov did not name $XRP as a security token in the @binance lawsuit. According to some of my legal sources it could be one or all of a couple of reasons:

1. The SEC wants to stay away from risking inconsistent decisions.
2. It's already being…

— Eleanor Terrett (@EleanorTerrett) June 5, 2023

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