As you may remember SEC last June To Binance and Coinbase filed a lawsuit for violating securities laws.
SEC sued Binance in this case Solana (SOL), Cardano (ADA) and BUSD It accuses it of facilitating trading in cryptocurrencies such as. Claiming that some cryptocurrencies are securities, the SEC argues that these cryptocurrencies are unregistered securities because they are not registered with the SEC.
According to Coindesk, stablecoin issuer while Binance-SEC case is still ongoing circleSupport came to Binance from .
Binance-SEC to his cause ‘amicus curiae’ The Circle’s application for intervention was made by Chief Legal Officer Heath Tarbert, former chairman of the CTFC. Circle is supported by Heath Tarbert.
Circle in the application stablecoin He claims that their buyers do not expect a profit, so stablecoins are not an investment contract.
at this point USDC Issuer Circle intervened in the SEC’s lawsuit against Binance, arguing that securities laws should not apply to stablecoins.
“Payment stablecoins by themselves do not have the basic characteristics of an investment contract. This means they are outside the SEC’s jurisdiction.
Decades of case law support the view that selling assets without expecting a profit is not enough to establish an investment contract.
At this point, Circle argues that dollar-linked assets such as BUSD and its own USDC cannot constitute securities, in part because their users do not expect any profit from independent purchases.”
*This is not investment advice.
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