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<div class="cryptonews"> 
 <p class="is-style-lead">Circle has filed a note of protest as part of the U.S. Securities and Exchange Commission’s (SEC) litigation against Binance, a crypto exchange.</p> 
 <p>The firm&nbsp;asked&nbsp;the court to exclude <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s from the <a rel="noopener noreferrer nofollow" title="lawsuit" href="https://thebittimes.com/tag/lawsuit.html">lawsuit</a> because they cannot be considered to be securities. The <a rel="noopener noreferrer nofollow" title="appeal" href="https://thebittimes.com/tag/appeal.html">appeal</a> states that these tokens do not have the characteristics of investment contracts.</p> 
 <blockquote class="wp-block-quote"> 
  <p>“Decades of case law support the view that an asset sale — decoupled from any post-sale promises or obligations by the seller — is not sufficient to establish an investment contract.”</p> <cite>Circle’s filing</cite> 
 </blockquote> 
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Coinbase increases USDC interest rate after SEC confirms stance on stablecoins 
 </div> 
 <p>In February, Circle CEO Jeremy Allaire&nbsp;stated&nbsp;that <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s should be regulated by the banking regulator, not the SEC. He made this statement in response to the SEC’s <a rel="noopener noreferrer nofollow" title="lawsuit" href="https://thebittimes.com/tag/lawsuit.html">lawsuit</a>&nbsp;against&nbsp;Paxos for its involvement in the release of BUSD, which the Commission classified as a security.&nbsp;</p> 
 <p>In June, the SEC&nbsp;sued&nbsp;Binance and its CEO, Changpeng Zhao, classifying $115 billion worth of crypto assets, including the Binance USD (BUSD) <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>, as securities. The Commission noted that BUSD’s sales were supported by the expectation of profit from participation in the platform’s reward programs, making it an investment contract.</p> 
 <div class="cn-block-related-link"> 
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> SEC Chairman Gensler Says Some Stablecoins Could Qualify as Securities 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/circle-files-appeal-to-remove-stablecoins-from-sec-s-binance-lawsuit-tbt64478.html">https://thebittimes.com/circle-files-appeal-to-remove-stablecoins-from-sec-s-binance-lawsuit-tbt64478.html</a></p>

Circle files appeal to remove stablecoins from SEC’s Binance lawsuit

TheBitTimes

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