{"id":23780,"date":"2023-09-30T01:29:16","date_gmt":"2023-09-30T01:29:16","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/stablecoin-issuer-circle-challenges-secs-view-on-stablecoins-in-binance-case\/"},"modified":"2023-09-30T01:29:16","modified_gmt":"2023-09-30T01:29:16","slug":"stablecoin-issuer-circle-challenges-secs-view-on-stablecoins-in-binance-case","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/stablecoin-issuer-circle-challenges-secs-view-on-stablecoins-in-binance-case\/","title":{"rendered":"Stablecoin Issuer Circle Challenges SEC’s View on Stablecoins in Binance Case"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Sablecoin issuer Circle has entered the legal fray<\/a> between Binance and the U.S. Securities and Exchange Commission (SEC). They\u2019re emphasizing that stablecoins, which include Binance\u2019s BUSD and Circle\u2019s USDC, shouldn\u2019t be classified as securities as per prevailing financial regulations.<\/p>\n

Earlier in the year, Binance found itself in hot water. The issue at hand: transactions in certain cryptocurrencies that, as per the SEC, are unregistered securities. The regulatory body believes that cryptocurrencies such as Solana\u2019s SOL, Cardano\u2019s ADA, and notably, the stablecoin BUSD, fall under this category. Central to the SEC\u2019s argument is that Binance\u2019s promotional strategies, including promising yield through rewards, made BUSD come off as an investment contract. In retaliation, Binance, along with its U.S. subsidiary and CEO Changpeng \u201cCZ\u201d Zhao, sought to dismiss the SEC\u2019s lawsuit, contending the regulatory agency is trying to regulate digital assets without clear authority from Congress.<\/p>\n

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Taking a firm stance, Circle asserts that the very nature of payment stablecoins like BUSD and USDC is at odds with what is considered an investment contract. Circle detailed in their statement, \u201cHistorical precedents clearly demonstrate that simple asset sales, when not paired with subsequent obligations by the seller, cannot be classified as investment contracts.\u201d<\/p>\n

Furthermore, Circle underscores that those who use these stablecoins aren\u2019t expecting to make profits from individual transactions. This view becomes even more pertinent when juxtaposed with the SEC\u2019s allegations about how Binance promoted BUSD.<\/p>\n

Circle\u2019s participation in this legal matter isn\u2019t ordinary. Their submission, known as an \u201camicus curiae\u201d or \u201cfriend of the court\u201d brief, carries weight, particularly since Heath Tarbert, Circle\u2019s Chief Legal Officer, previously helmed the Commodity Futures Trading Commission. This federal agency is another heavyweight that is, interestingly, also pursuing legal avenues against Binance.<\/p>\n

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(Originally posted on : Crypto News – iGaming.org ) Sablecoin issuer Circle has entered the legal fray between Binance and the U.S. Securities and Exchange Commission (SEC). They\u2019re emphasizing that stablecoins, which include Binance\u2019s BUSD and Circle\u2019s USDC, shouldn\u2019t be classified as securities as per prevailing financial regulations. Earlier in the year, Binance found itself […]<\/p>\n","protected":false},"author":34,"featured_media":23781,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23780"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=23780"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23780\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23781"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}