Odaily Planet Daily News Stablecoin issuer Circle has intervened in the U.S. SEC’s case against Binance, submitted an amicus brief, and stated that financial transaction laws should not be extended to stablecoins whose values are linked to other assets.
Circle believes that U.S. dollar-pegged assets such as BUSD and USDC cannot constitute securities, in part because its users do not expect to make any profit from their purchases. Circle said in the filing that payment stablecoins themselves do not have the basic characteristics of investment contracts, meaning they do not fall within the SEC’s jurisdiction. (CoinDesk)