To protect stablecoins from regulatory frameworks as applied to traditional securities, Circle (CRYPTO: USDC) stepped into the legal case of Binance (CRYPTO: BUSD) and the SEC.
What Happened: Circle entered an ongoing legal dispute between the SEC and cryptocurrency exchange Binance with an argument that stablecoins should not face the same financial trading regulations as traditional securities, as reported by the Metaverse Post. This is mainly due to users not expecting any profit from their unique stablecoin purchases.
Circle added that assets were tied to the dollar, such as BUSD and its own issued coin, USDC.
Circle’s filing was made partially by its Chief Legal Officer Heath Tarbert, who was also the former chair of the Commodity Futures Trading Commission. The filing ...