SEC drops Binance lawsuit as Trump admin continues reshaping crypto enforcement

The Securities and Exchange Commission (SEC) dropped its case against cryptocurrency exchange Binance, just the latest in a string of dismissals that highlight the agency’s change of course under the crypto-friendly Trump administration.

In Thursday’s announcement about the dismissal of its case, the commission barely gave a reason for its turnabout, saying only: ”In the exercise of its discretion and as a policy matter, the Commission determined that the dismissal of this action is appropriate.”

At just four pages, the joint stipulation between the SEC and Binance, filed in U.S. District Court for the District of Columbia, was equally light on giving a reason for the SEC’s action. It was “appropriate” to drop the suit at this time, given that the parties had sought and received a stay of the suit in February, on the grounds that the SEC’s newly-formed Crypto Taskforce is getting ready to write new rules for the industry.