PANews reported on May 30 that according to The Block, the U.S. Securities and Exchange Commission (SEC) has submitted documents to the court requesting the dismissal of the lawsuit against the cryptocurrency exchange Binance and its former CEO Zhao Changpeng. In a joint statement submitted to the District Court in Washington, DC, the SEC stated that based on policy considerations, it was considered appropriate to dismiss the case. The lawsuit began in 2023, and the SEC accused Binance of operating without registration and misrepresenting trading controls. In 2023, Binance pleaded guilty to violating the Bank Secrecy Act and paid a $4.3 billion fine.

A Binance spokesperson called it "an important moment in regulatory policy change." Documents show that the SEC's newly established crypto working group has recently held extensive consultations with the industry. The SEC has recently withdrawn lawsuits against a number of crypto companies, including Coinbase and Uniswap. SEC Commissioner Peirce said that law enforcement should target clear violations, but will still crack down on illegal activities in the crypto field.