The SEC said the work of a new crypto task force that's supposed to improve ties to the crypto industry "may impact and facilitate the potential resolution of this case."

The U.S. Securities and Exchange Commission is seeking to pause its high-profile lawsuit against the cryptocurrency exchange Binance as the regulator tries to present itself as more crypto-friendly under a new administration.

There has been a lot of debate the past few months about what the SEC would do with its ongoing crypto litigation and now we have the answer,” said Am Law 10 firm partner Ladan Stewart.