Amid the unfolding developments between the US Securities and Exchange Commission (SEC) and leading crypto exchange Binance, a pivotal update involving Circle, the issuer behind stablecoin USD Coin (USDC), has emerged just ahead of a hearing scheduled for October 12.
The influential third-party entity has now been granted permission to weigh in on the lawsuit, potentially adding a nuanced perspective to the case.
Circle’s Role As Amicus Curiae Explained
District Judge Amy Berman Jackson of the US District Court for the District of Columbia recently took several key steps in preparation for the upcoming hearing. One such step involved sorting through and deciding upon pending motions related to the lawsuit initiated by the SEC against Binance.
Among the motions cleared by Judge Jackson, an amicus brief filed by Circle stands out. Circle had submitted this motion to the court on September 29 amid the ongoing legal face-off between the SEC and Binance.
In their argument, Circle vehemently contended that assets pegged to the US dollar, including USDC, should not be classified as securities.
According to their stance, buyers do not anticipate profits when purchasing these stablecoins, as their primary purpose is to act as a medium of exchange. Circle further elaborated that stablecoins, in essence, lack the attributes that would categorize them as “investment contracts.”
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Author: Samuel Edyme
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