Binance and the US Securities and Exchange Commission (SEC) have requested a 60-day pause in their ongoing legal proceedings.

The decision follows the establishment of a new crypto-focused task force by the SEC, which both parties believe could impact the outcome of their case.

This move is unprecedented, as noted by Fox Business correspondent Eleanor Terrett, who attributes it to the change in SEC leadership under Commissioner Mark Uyeda.

Led by Commissioner Hester Peirce, the newly formed task force aims to develop a regulatory framework for cryptocurrencies that fosters innovation in the industry.

Despite this, the SEC emphasizes that it does not endorse any specific crypto product or service and provides no seal of approval.

The impact of the task force is already evident, with the removal of the Ripple lawsuit from the SEC's website and a potential reevaluation of the regulator's approach to such matters.

Following these developments, the price of Binance Coin surged almost 5%, reflecting positive market sentiment.

The SEC's shifting regulatory approach, emphasizing collaboration over enforcement, marks a departure from past stringent measures under former Chair Gary Gensler.

Industry experts anticipate more amicable resolutions in non-fraud cases within the crypto market, following the example set by the Binance-SEC motion.

While some exchanges like Coinbase have secured legal victories, others like Kraken continue to face challenges relating to regulatory compliance.

Coinbase CEO Brian Armstrong has called for regulatory clarity and a more strategic approach from the SEC to restore trust in the institution.

The joint decision by Binance and the SEC to pause their legal battle could set a precedent for future crypto-related cases, guided by the work of the new SEC task force.