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.

In a court filing dated Monday, the parties said the task force, formed last month to work on crypto regulations, may "impact and facilitate the potential resolution of this case". The stay could be an early sign of the SEC's pivot to a more crypto-friendly stance,