In a significant development in the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and major cryptocurrency exchange Binance, stablecoin issuer Circle has intervened, asserting that stablecoins should not be categorized as securities under existing financial regulations. This comes after earlier this year, Binance faced several legal accusations from regulators with the charges based on the exchange’s role in enabling transactions in multiple cryptocurrencies. Circle’s argument centers around the premise that stablecoins like BUSD and its own USDC, designed for payments, are not investment contracts and, therefore, fall outside of SEC jurisdiction.
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