Stablecoin issuer Circle has filed an amicus curiae brief in Binance’s case against the U.S. Securities and Exchange Commission (SEC), according to Sept. 28 court filings.
In legal terms, amicus curiae, Latin for “friend of the court,” designates an individual or group not directly involved in a case but with a significant stake in its proceedings. These parties can exert influence by presenting written arguments, known as “amicus briefs,” expressing their views to the court.
Circle’s interest in the matter revolves around the SEC’s classification of the Binance-backed BUSD stablecoin as a security. While Binance has vehemently rejected this categorization, Circle further asserts that financial trading regulations should not be applied to stablecoins tethered to other assets like the U.S. Dollars.
Additionally, the USDC issuer contends that BUSD cannot be deemed a security because its users do not anticipate profits from its purchases.
This standpoint aligns with that of
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