$USDC issuer Circle has filed its amicus curiae brief of the US Securities and Exchange Commission (SEC) suing Binance case, arguing that stablecoins, such as $USDC and $BUSD, are not securities.
In June, the SEC sued Binance and CZ, alleging the exchange unlawfully offered and sold unregistered securities, including $BUSD. But Circle claimed that stablecoins can't constitute securities, partly because the buyers don't expect any profit from standalone purchases.
In the filing, Circle said that the payment sablecoins themselves don't have the essential features of an investment contract, thus don't belong to the SEC's jurisdiction.
Related: Key Points on the SEC's Lawsuit Against Binance and CZ
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