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The U.S. Securities and Exchange Commission (SEC) and defendants Binance Holdings Ltd., BAM Trading Services Inc., BAM Management US Holdings Inc., and Changpeng Zhao (CZ) filed a joint motion on Feb. 10, requesting a 60-day stay in their ongoing legal case. The filing, submitted to the U.S. District Court for the District of Columbia, seeks to pause proceedings while the SEC’s newly formed crypto task force develops regulatory guidelines. This task force, launched by Acting SEC Chairman Mark T. Uyeda on Jan. 21, aims to establish a framework for digital asset oversight, which could influence the case’s resolution. The task force is led by Commissioner Hester Peirce. The defendants agreed with the SEC that the stay would serve judicial efficiency and could facilitate an early resolution. BAM Trading Services Inc. and BAM Management US Holdings Inc., which operate Binance.US—the U.S.-based arm of Binance—are also named in the lawsuit, alongside Binance and its founder, Changpeng Zhao. The SEC alleges that they violated securities laws. The motion argues that a stay will help conserve resources for both the court and the involved parties. If a resolution is reached, it could eliminate the need for further discovery and the court’s review of pending motions to dismiss. The legal teams representing Binance, BAM Trading Services Inc., BAM Management US Holdings Inc., and Zhao, along with SEC attorneys, emphasized that the stay is temporary and does not impact existing court deadlines. The motion further cites legal precedent, noting that while indefinite stays are discouraged, limited-duration stays can enhance efficiency. In their request, the parties stated: The Parties respectfully request that this Court grant this Joint Motion to Stay. If the court approves the request, both parties plan to submit a joint status report at the end of the 60-day period to determine whether an extension is necessary. The motion suggests that regulatory clarity from the SEC’s task force could help resolve the SEC’s allegations against Binance and its affiliates. The case’s outcome could set a precedent for how cryptocurrency companies are regulated in the U.S. moving forward. 免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。

Fund management titan Franklin Templeton has launched its Franklin OnChain US Government Money Fund (FOBXX) on Solana. A SOL token called Benji (BENJI) representing shares in the fund has been deployed on the Solana network, the $1.6 trillion asset manager said in a Feb. 12 X post . The FOBXX fund invests almost 100% of its assets in US government securities, cash and fully collateralized repurchase agreements. Its total assets stood at $512 million as of Jan. 31. The launch of Franklin Templeton’s FOBXX on the Solana blockchain is part of the company’s mission to expand its “layer-1 footprint,” it said. This comes amid Solana’s growing presence in the institutional financial ecosystem. In addition to Solana, Franklin Templeton has already deployed its BENJI token on other major layer-1 blockchains Ethereum and Avalanche, as well as on layer-2 networks including Arbitrum, Base, Polygon, and Aptos. FOBXX is considered to be the first US mutual fund to tap blockchain technology for record-keeping and transaction processing. This is not Franklin Templeton’s first move related to the Solana ecosystem. On Feb. 10, the firm registered a trust in Delaware linked to a SOL ETF (exchange-traded fund). Other asset managers have also filed applications for similar investment products. Institutional investments in decentralized applications running on Solana rose 54% in the third quarter of 2024 to a total of $173 million. The increasing adoption of Solana by institutions could also benefit Solaxy (SOLX) , the first Solana layer-2 project. Currently in presale, it has already raised over $20.3 million as investors back the idea of a layer 2 project designed to help reduce congestion and increase efficiency on the Solana blockchain.

In an unusual moment of agreement, Binance — the world’s largest crypto exchange by market cap — and the U.S. Securities and Exchange Commission (SEC) have jointly requested the court for a temporary suspension of their legal scrabble. The motivation: Both parties anticipate a change in regulatory dynamics with the establishment of the SEC’s new crypto task force. This marks the first move toward halting major crypto litigation since Mark Uyeda took over from Gary Gensler as SEC chairman. Binance And SEC Seek An Early Resolution In Lawsuit On Feb. 10, the SEC, Binance, and its former CEO Changpeng Zhao (CZ) filed a joint motion to stay their case for 60 days. The motion notes that the creation of the new crypto task force under SEC Commissioner Hester Pierce (aka Crypto Mom) “may impact and facilitate the potential resolution of this case.” The filing is one of the big moves under the leadership of Acting SEC Chairman Mark Uyeda, indicating a potential shift in the regulatory approach to embrace crypto under President Donald Trump’s regime. “As this is a joint motion, there is no prejudice to any party here, and a stay could save the parties resources because, if an early resolution could be reached, it would obviate the need to continue merits discovery,” the parties postulated. The joint motion also indicated that at the end of the 60-day pause, the two parties intend to submit a joint status report on whether a continuation of the stay is warranted. The ongoing suit was lodged in June 2023. The SEC accused the leading exchange of breaking federal securities laws. The securities watchdog, under the helm of ex-chair Gensler, also initiated lawsuits against major crypto players, including Ripple, Coinbase, and Kraken, contending violations similar to the Binance case. Fox Journalist Shares Bullish Forecast On The Ripple-SEC Case According to FOX Business reporter Eleanor Terrett, the joint filing is the first requested pause on crypto litigation since President Trump named Uyeda as the acting SEC chair on Jan. 20. Consequently, she predicted that other non-fraud crypto litigations, including Ripple’s, might take a similar tactic to deal with its own legal challenges with the SEC. NEW: Here’s the first requested pause on #crypto litigation in the courts since @MarkUyedaUS took over as acting chair. @binance and the @SECGov have just filed a joint motion to stay the agency’s case against the exchange for 60 days, citing the new SEC crypto task force as… pic.twitter.com/D2zcolMNC5 — Eleanor Terrett (@EleanorTerrett) February 11, 2025 The prolonged SEC vs Ripple lawsuit is currently stuck in the Court of Appeals for the Second Circuit. The SEC aims to reverse a game-changing New York federal court ruling, which found that Ripple’s sale of the XRP cryptocurrency to retail traders via crypto exchanges did not constitute investment contracts. XRP is the fourth-biggest cryptocurrency by market cap; its market cap is $139.5 billion. Investors are optimistic that Trump’s presidency could end the lawsuit, paving the way for spot XRP exchange-traded funds (ETFs) as analysts see an increasing likelihood of spot XRP ETF applications getting a green light from the SEC. Ripple CEO Brad Garlinghouse is further pushing for a diversified U.S. strategic crypto reserve that includes XRP — instead of one based only on Bitcoin. XRP’s Looming Parabolic Advance To $8 In the meantime, pseudonymous crypto analyst Dark Defender has suggested that XRP could be poised to reach an intermediate cycle target of $5.85 and a long-term target of $8.76 based on the Elliott Wave Theory in the daily time frame. “XRP almost finalized the consolidation on the daily chart, as seen from the RSI lows. Wave 3 is preparing to fire the bullet against the $5.85 parapet. The short-term is $5.85 and $8.76.” Meanwhile, the SEC’s potential retreat from its appeal against Ripple could boost investors’ confidence in XRP, subsequently propelling the crypto to new record highs.

On Feb. 10, crypto asset manager Grayscale officially filed for a Cardano exchange-traded fund with the New York Stock Exchange, expanding its push into regulated crypto investments. The firm has never previously offered a standalone investment vehicle for ADA despite making past moves to do so. Asset managers have been emboldened by President Donald Trump’s embrace of crypto with ETF applications for altcoins, including XRP, Solana, and Litecoin, in recent weeks from the likes of Canary Capital, WisdomTree, 21Shares, Bitwise, and VanEck. Grayscale filed 19b-4 for a spot Cardano ETF. First one in US and ballpark 60th crypto ETF filed this year so far pic.twitter.com/alj7EjtfIS — Eric Balchunas (@EricBalchunas) February 11, 2025 Cardano ETF Inbound Grayscale has filed to convert its existing SOL and XRP trusts into a spot ETF but the ADA fund would be a new product. On Jan. 30, NYSE Arca filed to convert Grayscale’s XRP trust into a spot ETF, and on Feb. 6, it did the same for its SOL trust. According to the 19b-4 filing, the Trust will hold only ADA, with each share representing a proportional interest in the fund’s holdings. Coinbase Custody would be the custodian of the assets, and BNY Mellon Asset Servicing would serve as administrator. “Institutional interest in Cardano is heating up,” commented IBC Group founder Mario Nawfal who added that the move comes just a week after Virtune AB launched a Cardano ETP on Nasdaq Helsinki. The Cardano native token has surged 14% on the day, with most of the gains coming in the past couple of hours after the news broke. ADA hit an intraday high of $0.8 but still remains down 17% over the past fortnight as altcoins have been battered recently. ADA hit a 2025 high of $1.16 on Jan. 18 but has been down-trending since. Nevertheless, analysts remain hopeful that ADA will continue its bullish momentum, which has seen the asset gain 140% over the past six months, especially if a spot ETF is approved in the US by the SEC. Spot Crypto ETF Outlook Spot Bitcoin ETFs in the United States have had a mixed month in February, which has seen $578 million in inflows and $561 million in outflows, according to Farside Investors. Monday was another outflow day, with $186.4 million leaving the funds on aggregate. Fidelity’s FBTC saw the largest outflow with $136 million, followed by Grayscale’s GBTC, losing $46.3 million. BlackRock’s IBIT saw $55.3 million in inflows, but it wasn’t enough to turn the daily flow positive. Spot Ethereum ETFs have been positive, with just one outflow day so far in February, which was Monday. Feb. 10, when $22.5 million left the products. The post ADA Pumps 14% as Grayscale Files For Spot Cardano ETF appeared first on CryptoPotato.

🚨 TODAY: Pump. fun transferred another 140,285 $SOL to Kraken, totaling 923,162 $SOL moved since Jan. 1.