Circle disputes the classification of stablecoins as securities in the SEC case against Binance – Bits Media

Circle Steabelcoin issuer has announced, that the laws on financial trade should not apply to stablecoins, the cost of which is attached to other assets.

The statement was the chief lawyer of the company Hit Tarbert (Heath of Tarbert) sued, considering the case of the US Securities and Exchange Commission (SEC) Against the Binance crypto account. The reason for the claim was the accusation of the exchange from the SEC in that, that Stablecoin Busd was positioned as a profitable tool for a rewarding program and is an investment contract.

Circle claims: assets, tied to the dollar, such as the Busd Stablecoin Exchange and its own USDC, cannot be considered securities, since their users do not expect any profit as a result of acquisition.

“Payment steablecoins themselves do not have any characteristics of the investment contract. Assets, focus, Not included in the borders of the jurisdiction of SEC. Decades of precedent law confirm our opinion about, that the sale of an asset, separated from any post-sales promises or obligations of the seller, insufficient to conclude about its investment character ", - says in the statement of Circle.

Earlier, SEC chairman Gary Gensler (Gary Gensler) He performed
at the hearing of the Banking Committee of the House of Representatives of the US Congress and recognized, that Bitcoin is not a security and should not pass Haui test.