Binance Received Support from Circle for Its Case with the SEC: It’s Not a Securities!

USD Coin (USDC) issuer Circle intervened in the SEC’s lawsuit against Binance, arguing that stablecoins are not securities.

by the US Securities and Exchange Commission (SEC) in June. to Binance to the lawsuit filed circle intervene happened. SEC, in the case in question Binance USD (BUSD) and stated that Binance violated the law by claiming that BNB (BNB) is a security.

The SEC also stated that BUSD is not supported by Binance. rewards programs He claimed that he marketed it in a way that would provide returns.

In its application to the court, Circle stated that the value dollar based on other entities such as stablecoins He argued that they did not have the basic characteristics of securities and therefore should not be considered securities. The company also allows users to purchase such assets. There is no profit expectation brought it forward.

stablecoins such as BUSD and USDC Outside the SEC’s jurisdiction Underlining that it remains, Circle included the following statements in the details of its statement:

Stablecoins used for payment purposes do not have the basic characteristics of an investment contract on their own. Decades of jurisdictional law support the view that a sale of assets is not sufficient to create an investment contract.

Last week, Binance Binance.US And CEO Changpeng Zhao (CZ)to drop the case filed against them by the SEC. 60 page petition had presented.

source site-9