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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. Binance and the SEC filed a joint motion Monday asking for a 60-day stay in a lawsuit the regulator filed with significant fanfare two years ago under its previous chairman, Gary Gensler. Mondays filing in the U.S. District Court for the District of Columbia said the SEC approached Binance asking for the pause. The regulator said the work of a new crypto task force launched by Acting Chairman Mark Uyeda that’s supposed to improve ties to the crypto industry may impact and facilitate the potential resolution of this case. The filing is the first tangible action in existing enforcement actions that recognizes a change in direction of the agency, said Carol Goforth, a distinguished professor at the University of Arkansas School of Law. Binance is the worlds largest cryptocurrency exchange a digital marketplace where customers can buy, sell and store different types of crypto and the SECs lawsuit drew considerable attention when first filed. Gensler said in a statement at the time that Binance and its founder, Changpeng Zhao, had engaged in an extensive web of deception while the SECs X account posted a graphic highlighting a key piece of evidence of alleged wrongdoing: a quote from Binances chief compliance officer saying to another employee in 2018, We are operating as a fking unlicensed securities exchange in the USA bro. In a separate case, Binance later agreed to pay a roughly $4 billion settlement and Zhao pleaded guilty to a felony related to his failure to prevent money laundering on the platform. A key issue facing the cryptocurrency industry is whether certain digital assets should be regulated as securities a position that the SEC under Gensler supported while many in the crypto industry are opposed. Cryptocurrencies are a kind of electronic cash that have moved from the financial fringes to the mainstream in rapid fits and starts, despite being marred by scandals and market meltdowns. The SEC has targeted crypto exchanges like Binance, Coinbase and others for allegedly operating unregistered securities exchanges. That scrutiny came after the high-profile meltdown of FTX, the exchange founded by disgraced crypto mogul Sam Bankman-Fried. The industry said it was unfairly treated by the Biden administration, and Gensler in particular, and spent heavily to help Trump and Republicans in the last election. Trump and GOP lawmakers have signaled their eagerness to help the crypto industry with friendly legislation and light-touch regulations. Uyeda launched the new crypto task force last month, saying the agency needed a reset in its approach to crypto. To date, the SEC has relied primarily on enforcement actions to regulate crypto retroactively and reactively, often adopting novel and untested legal interpretations along the way, the agency said in announcing the task force. Clarity regarding who must register, and practical solutions for those seeking to register, have been elusive. Legal experts said the pause in the Binance case could indicate similar changes in the SECs ongoing legal action against other crypto exchanges. I would expect that all of these cases will be either dismissed outright or settled on very favorable terms to the defendants, said James Murphy, a securities law expert. That’s bad news, said Corey Frayer, a former SEC official who recently left the agency. The SEC delaying what appears to be a slam dunk case in Binance while welcoming cryptos return to its pre-FTX days is a bad omen for any other ongoing crypto litigation, he said. In a statement, Binance said the SECs case has always been without merit and praised Uyeda for his thoughtful approach to ensuring digital assets receive the appropriate legislative and regulatory focus in this new, golden era of blockchain in the U.S. and around the world. Alan Suderman, AP business writer
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Japanese technology company SoftBank Group Corp. reported a 369.2 billion yen ($2.4 billion) loss for the fiscal third quarter as it racked up red ink from its Vision Fund investments.That’s compared to a 950 billion yen profit in October-December 2023.Quarterly sales rose 3% from the previous year to 1.83 trillion yen ($11.9 billion), the Tokyo-based company said Wednesday.The report comes barely a month after Masayoshi Son, the founder and chief executive, appeared with President Donald Trump in Washington, as well as with Sam Altman of OpenAI and Larry Ellison of Oracle, to announce an investment of up to $500 billion into an artificial intelligence project called Stargate.Son has repeatedly said the company is banking on a future in artificial intelligence.SoftBank Group invests in an array of companies that it sees as holding long-term potential, including unlisted upstarts, so its financial performance tends to swing wildly.For the nine months of this fiscal year through December, it recorded a profit of 636 billion yen ($4 billion), a reversal from a loss of 459 billion for the previous year.Investment gains were recorded in its holdings in Chinese e-commerce company Alibaba; Coupang, a South Korean retailer based in the U.S.; a mobility service provider DiDi Global and Grab Holdings, a Singaporean technology company, while improved sales came in its British semiconductor company Arm’s business.Some of the investment gains from the earlier months of this fiscal year were erased in the latest quarter. The company does not issue an annual forecast. Yuri Kageyama is on Theads: https://www.threads.net/@yurikageyama Yuri Kageyama, AP Business Writer
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This time, the giant schnauzer went the full Monty.After coming close in the last two years, Monty the giant schnauzer won the top prize at the Westminster Kennel Club dog show Tuesday night, leaving handler and co-owner Katie Bernardin almost too emotional to speak.“He always tries so hard, and we’re just proud of him,” she told the crowd at Madison Square Garden.The spirited schnauzer bested six other finalists to become the first of his breed tapped as Westminster’s best in show, the most prestigious prize in the U.S. dog show world. The dog won the huge American Kennel Club championship in December, and he’d been a Westminster twice before.A standout because of “everything from his attitude to his structure,” Monty is bold, cocky and fun, according to co-owner Sandy Nordstrom.“He’s just a really cool dog,” she said in an interview before his win, which will be his last. The 5-year-old is retiring from showing. Katie Bernardin and Monty [Photo: Julia Demaree Nikhinson/AP Photo] The runner-up was, for the third time, a whippet known as Bourbon. Other finalists included a bichon frisé called Neal, a Skye terrier named Archer, and a shih tzu called Comet who’s been a finalist before.Also in the mix were a German shepherd named Mercedes, who came in second last year, and an English springer spaniel called Freddie.Each dog at Westminster is judged according to how closely it matches the ideal for its breed. Winners get a trophy, ribbons and bragging rights, but no cash prize.During a break between semifinal rounds, security personnel surrounded and ousted someone along the sidelines of the ring. The group People for the Ethical Treatment of Animals, which has protested the dog show for years, said on X that a supporter was removed after holding a sign.Westminster says it celebrates all dogs. The show champions that compete also are household pets, and some do therapy work, search-and-rescue or other canine jobs.“A good German shepherd is an all-purpose dog,” said Mercedes’ co-breeder and co-owner Sheree Moses Combs of Wardensville, West Virginia. Some of her pups have become service dogs for wounded veterans, she said.“Dog shows are fun, but that is what our breed is all about,” she said.While Monty got this year’s trophy, other hopefuls also scored points with spectators.During two nights of semifinals, spectators shouted out breeds and names of canine competitors as if they played for one of the pro teams that call the Garden home, the NBA’s New York Knicks and NHL’s New York Rangers.“Love you, Lumpy!” someone yelled to a Pekingese named Lumpy, who earned laughs for his ambling gait.The arena erupted with cheers for Penny the Doberman pinscher and for a golden retriever named Tuffy, a representative of a popular breed that has never won. She also got some recognition from the judge, as did another crowd favorite, Calaco the Xoloitzcuintli. His breed (pronounced shoh-loh-eets-KWEEN’-tlees) are hairless dogs with deep roots in Mexico.A trip to Westminster is a reminder of dogs’ variety, even just among purebreds. While big, “working” dogs had their day at Westminster on Tuesday, so did terriers.First-round competitor Brina, for instance, is a 158-pound (71.6 kilogram) Neapolitan mastiff. The jowly breed was developed to be an imposing guard dog, but Brina’s owner, Yves Belmont, Ph.D., said he also is impressed by its intelligence. He keeps several of the dogs at his Atlanta-area home.“I’ve been struck by this breed since I was 12. They’re so unique,” Belmont said as Brina napped in her crate, equipped with a two-gallon (7.5-liter) water bucket.Meanwhile, Tyra the miniature bull terrier also strutted her stuff in a first-round ring. Formally called GCH CH Rnr’s Top Model, she’s named after fashion model Tyra Banks.The hardy terrier breed is “a big dog in a small package, but they always keep you smiling,” said owner and co-breeder Jessica Harrison of Austin, Texas. Asked where the 2-year-old Tyra falls on the mischief meter, Harrison smiled, “like a nine, for sure.”“You can’t be upset with them because they’re just so cute,” she said as Tyra rolled on her back to get a belly rub from a passerby at the Javits Center, the convention venue that hosted the first-round judging of each breed.Westminster also featured agility and obedience championships, held Saturday. The agility prize went to a border collie named Vanish, and an Australian shepherd called Willie triumphed in obedience. Jennifer Peltz, Associated Press
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