The U.S. Securities and Exchange Commission (SEC) and cryptocurrency exchange Binance have requested a U.S. federal judge for an additional two-month delay in their nearly two-year legal fight.

“Since the Court stayed this case, the Parties have been in productive discussions, including discussions concerning how the efforts of the crypto task force may impact the SEC’s claims,” both parties said in an April 11 joint status report.

SEC Requests Binance to Agree to the Delay

According to the filing, SEC requested Binance to accept this delay request, and Binance agreed to the additional 60-day delay. The regulator continues to seek permission to “approve any resolution or changes to the scope of this litigation.”

“The Defendants agreed that continuing the stay is appropriate and in the interest of judicial economy,” the filing stated.

This request came shortly after SEC dropped a series of lawsuits against cryptocurrency exchanges Coinbase, Kraken, and Gemini, as well as against Robinhood and Consenys.

At the end of the 60-day period, SEC and Binance plan to submit another joint status report. This marks the second 60-day pause SEC and Binance have requested this year, following a previous extension granted by the judge on February 11.

The February request came just days after crypto-skeptic Gary Gensler stepped down as SEC chairman on January 20, with crypto-friendly SEC commissioner Mark Uyeda taking over as acting chair.

At the time, SEC and Binance also cited the establishment of SEC’s Crypto Task Force as a reason for the pause.

Formed immediately after Gensler resigned on January 21, the task force said its goal is to “help the Commission draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously.”

The legal battle between SEC and Binance has dragged on for almost two years. It began in June 2023 when the agency filed a lawsuit against Binance, its U.S. platform, and CEO Changpeng “CZ” Zhao.

The U.S. regulator pressed 13 charges against Binance, including unregistered offers and sales of the BNB and Binance USD tokens, the Simple Earn and BNB Vault products, and its staking program.

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The United States Securities and Exchange Commission (SEC) accused Digital Currency Group (DCG) and former Genesis CEO Soichoro ‘Michael’ Moro of misleading investors about Genesis’ financial condition following the Three Arrows Capital (3AC) collapse.

According to the 17 January filing, DCG and Moro agreed to pay a civil penalty totalling $38.5 million. Of this amount, $38 million belongs to DCG and $500,000 belongs to Moro.

Moro and DCG agreed to pay these penalties without admitting or denying any violation of the Securities Act of 1933.

This agreement is the latest development in Genesis’ legal process. Genesis had filed for bankruptcy protection in January 2022 due to the default of Three Arrows Capital (a former borrower of Genesis) in 2023.

3AC Collapse and Its Impact on Genesis

The collapse of Three Arrows Capital (3AC) has caused a major shakeup in the crypto sector, affecting all crypto firms with exposure to this now defunct crypto hedge fund.

3AC purchased approximately 10.9 million locked LUNA tokens for $570 million before the collapse of the Terra ecosystem in May 2022.

However, this $570 million investment was worth only $670 in June 2024, losing more than 99% of its value. This was a major blow to any company’s balance sheet, as well as severely impacting its ability to repay its debts. As of 16 June 2022, 3AC was unable to meet collateral completion calls from its creditors and was forced to liquidate certain positions in order to repay creditors.

A few days later, on 27 June, a court in the British Virgin Islands ordered the liquidation of 3AC’s assets. The liquidation decision was made on the same day that the former broker company Voyager Digital sent 3AC a notice of default due to its inability to repay a loan of 15,250 Bitcoin.

Following the liquidation of 3AC, former Genesis CEO Michael Moro told investors that Digital Currency Group and Genesis are working to mitigate losses from exposure to 3AC.

‘In June, we indicated that we had mitigated our losses related to a large counterparty that failed to meet a margin call,’ the former CEO wrote in a social media post in July 2022.

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Trump Administration’s Expectations and New ETF Offers

While the Trump administration is expected to take a closer stance to cryptocurrencies, at least four proposals were submitted on 17 January in anticipation of regulatory changes in the cryptocurrency industry. These offerings aim to create new opportunities in the cryptocurrency market and attract investors’ interest.

ProShares and Solana Futures ETF

ProShares, which launched the first Bitcoin-linked ETF, has applied for the Solana Futures ETF. This ETF is designed to provide investors with exposure to the price movements of Solana’s native cryptocurrency, SOL. In this way, investors will be able to invest in Solana through futures contracts instead of direct asset ownership. ETF analyst James Seyffart warned that Solana Futures ETFs will not be launched in the US before 2026, as it is still not clear whether CME futures and Coinbase’s SOL futures are liquid enough.

CoinShares and Other ETF Applications ProShares, CoinShares and others have also applied for ETFs. CoinShares has applied for the ‘CoinShares Digital Asset ETF’, which will follow the proprietary Compass Crypto Market Index. This ETF aims to offer investors a wide range of cryptocurrency markets.

XRP and Other Crypto ETFs

ProShares has submitted applications for leveraged, inverse and futures ETFs linked to Ripple (XRP). Investment firms such as Bitwise, Canary Capital, 21Shares and WisdomTree have already submitted spot XRP ETF offerings. These ETFs will provide investors with exposure to XRP’s price movements.

Tidal DeFi and Oasis Capital Digital Asset Debt Strategy ETF
Tidal DeFi, which focuses on decentralised finance, has applied for the Oasis Capital Digital Asset Debt Strategy ETF (DADS). This fund plans to invest in debt instruments linked to companies in the crypto ecosystem. In this way, investors will be able to invest in various companies in the cryptocurrency ecosystem.

VanEck and Onchain Economy ETF

Finally, asset manager VanEck filed an application for the ‘Onchain Economy ETF’ with the SEC on 15 January. This fund aims to invest in a wide range of crypto-focused firms, including software developers, mining companies, exchanges, infrastructure builders, payment providers and other businesses in the cryptocurrency industry.

During Gensler’s tenure, high-profile lawsuits were filed against Coinbase and Binance and a crackdown on unregistered securities offerings. His last working day was set for 20 January. Gensler’s decisions and policies have had a significant impact on the cryptocurrency market.

During this period, there were significant changes within the SEC, and the resignation of SEC Secretary General Amanda Fischer was announced. It was also reported that IRS President Daniel Werfel will resign on the day of Trump’s inauguration.

As Gary Gensler approaches his last day, the crypto sector is making numerous ETF applications to the SEC. ETF analyst Eric Balchunas commented on the increase in these filings: ‘Gensler did not leave the building for even five minutes, and the ETF sector has experienced a huge crypto filing frenzy. We’ve had half a dozen filings so far.’

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Gary Gensler, the Chairman of the SEC, has drawn criticism from both industry players and investors due to his tough measures against the cryptocurrency sector. The latest remarks from Tyler Winklevoss, co-founder of Gemini, shed light on how deep the criticisms against Gensler have become. So, why are Gensler’s policies so controversial?

Winklevoss: “Gary Gensler Deliberately Caused Harm” 

In a social media post on November 15, Tyler Winklevoss directly targeted Gensler, calling him “an evil figure” and stating that he should never hold an influential position again. According to Winklevoss, Gensler has taken an approach aimed not at regulating the crypto sector, but at destroying it. This has resulted in thousands of jobs and billions of dollars in lost capital.

Gensler’s tenure as SEC Chairman has seen many major crypto firms facing legal battles. Giants like Binance, Coinbase, and Ripple, as well as numerous smaller companies, have been subjected to aggressive SEC enforcement actions. Winklevoss described this as the result of “a sociopathic ambition.”

Industry Criticism Grows 

Echoing Winklevoss, Joseph Lubin, CEO of Consensys, also criticized the SEC’s policies, stating that the crypto industry has long operated under a “misleading regulatory environment.” Meanwhile, Michael Saylor, the founder of MicroStrategy, emphasized that the person who replaces Gensler will play a critical role in shaping the future of the crypto industry.

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Gallagher, who served as a SEC commissioner from 2011 to 2015 under the Republican Party, is now a leading candidate to head the SEC. Currently, he oversees legal, compliance, and corporate affairs at Robinhood. Trump’s team sees Gallagher as the strongest contender for the position. However, the decision is not final, with other potential candidates such as former SEC commissioner Paul Atkins and Robert Stebbins, who served as the agency’s general counsel during Trump’s first term, also being considered.

The appointment of the SEC chair is especially important to the crypto community, which has faced increasing regulation under Gensler’s leadership. Trump had promised a more favorable stance toward the crypto industry, pledging to remove Gensler and replace him with someone more crypto-friendly.

Gallagher’s experience within the SEC and his positive stance on crypto make him an appealing choice. Politico reported that a former SEC official referred to Gallagher as “a natural choice” for Trump. Additionally, in May, Robinhood received a Wells notice from the SEC, indicating potential regulatory action over its crypto business. Gallagher has been leading the defense on this matter.

As the transition process continues, the final decision on the SEC chair is expected within the next few weeks. The crypto sector and investors are hopeful that Gallagher will take the helm at the SEC, seeing him as the most qualified candidate for the job.

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The Blockchain Association called for change in the SEC chairmanship, addressing American voters. According to BA’s statement, the sanctions imposed by Gensler have resulted in significant job losses, a decline in innovation, and a decrease in technology investments in the U.S. Kristin Smith, CEO of the Blockchain Association, urged crypto voters to support change within the SEC.

Call for Change in the Crypto Sector Ahead of 2024 Elections

As the 2024 U.S. elections approach, regulations for the crypto sector are expected to become a significant agenda item in campaign discussions. With growing criticism against Gensler, BA appealed to crypto users to vote for candidates who advocate for crypto-friendly policies. BA noted that 18% of voters in the U.S. identify as “crypto voters” and believes that candidates supporting innovation in the digital asset space will receive greater backing from voters.

In the U.S. presidential election, Republican candidate Donald Trump has stated that he would remove Gensler on his first day in office if elected, while there are indications that Democratic candidates are also working towards a change in the SEC chairmanship. Rumors suggest that current Vice President Kamala Harris is seeking alternative candidates to Gensler for a potential presidential term.

Election Day in the U.S. will take place on November 5, but early voting is ongoing in many states. According to recent polls, while Harris leads in the popular vote, a tight race is expected between Trump and Harris in the electoral college.

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According to the report, the SEC “could approve exchange-traded funds (ETFs) tied to the spot price of ETH as soon as July 4, as talks between asset managers and regulators enter the final stages.” This information was reportedly shared with Reuters by industry executives and other participants.

SEC Acting Chairman Gary Gensler commented on the process of launching spot Ethereum ETFs on Tuesday, stating that it was “going smoothly.” On the same day, investment management firm VanEck filed a Form 8-A application for its Ethereum ETF, suggesting that the financial instrument could soon be trading on an exchange.

The potential launch date of July 4 closely aligns with predictions made by Bloomberg’s Senior ETF analyst Eric Balchunas.

Last month, the SEC approved 19b-4 forms for eight Ethereum ETFs. Firms seeking to bring these new financial instruments to market are waiting for registration statements, or S-1s, to become effective before trading can commence.

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According to a report by Politico, a bipartisan group of US lawmakers has urged the Securities and Exchange Commission (SEC) to approve spot Ethereum ETF applications.

The letter, addressed to SEC Chair Gary Gensler, states:

“Specifically, the Commission should apply the same principles articulated in the approval of spot Bitcoin ETPs when evaluating pending Ether ETP applications, as the legal considerations relevant to Bitcoin are also applicable to Ether.

This move would not only demonstrate consistency in the Commission’s application of its standards but also validate the legal reasoning that facilitated the Bitcoin ETP decision.

We encourage the Commission to continue to facilitate and embrace financial innovation while ensuring full protection of federal securities laws for investors.”

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During his statement to CNBC on December 14th, Gensler addressed a question about the pending spot Bitcoin exchange-traded fund (ETF) applications amongst the “eight to a dozen applications” SEC is currently reviewing.

Although Gensler acknowledged past rejected applications, he disclosed that court decisions have shaped this issue, leading the institution to adopt a new perspective on Bitcoin. “We are bringing this new perspective to the topic, based on court decisions.” he expressed.

When news presenter Sara Eisen asked about Grayscale’s position, Gensler emphasized that the SEC’s stance is based on laws enacted by Congress and influenced by court interpretations. He also did not hesitate to remind that a federal judge overturned the decision to reject SEC’s supply of a Bitcoin trust through Grayscale Investments’ ETF in August.

Many leading asset managers like BlackRock, Fidelity, Grayscale, Invesco, Galaxy, VanEck and Valkyrie are currently participating in the race to launch spot Bitcoin ETFs. Currently, authorities have postponed all applications, but some analysts predict a collective approval likely to happen in early 2024.

These asset managers aim to attract a larger investor base to the cryptocurrency market through spot Bitcoin ETFs. The competition of all major players could lead to an increase in institutional interest in crypto assets if such a product is approved. However, the decisions and processes of regulators will play a critical role in determining the outcomes of this race.

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Gary Gensler, in a video circulating on social media recently, discussed blockchain regulations in an interview he had with Securities and Exchange Commission (SEC) commissioner Hester Peirce at the 2019 MIT Bitcoin Expo.

Related: What will SEC decide for Spot ETF

Gensler, in this discussion, said “There will be Bitcoin futures and I think Ethereum futures and the like, there are no Bitcoin ETFs, and this seems a bit inconsistent to me, even if the laws are not exactly the same, they look quite similar.”

Gensler, particularly, expressed that the non-approval of Bitcoin ETFs, despite the existence of other financial products like Bitcoin futures and Ethereum futures, was inconsistent.

Gary Gensler, with these sentences, emphasized the uncertainty regarding the integration of cryptocurrencies and blockchain technology with financial regulations.

Thanks to this interview, important questions about the future direction of the financial world were raised, and the difficulties encountered in regulating crypto assets were highlighted.

Gary, in one of his speeches, had said that the United States securities regulator was also “inconsistent” in identifying Bitcoin.

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