A senior judge of the District Court for the District of Columbia It is said Ahead of a key hearing, multiple orders were signed to clear pending motions in the U.S. Securities and Exchange Commission’s ongoing lawsuit against cryptocurrency exchange Binance.
Among the key orders, the judge approved an amicus brief filed by USD Coin (USDC) stablecoin issuer Circle ahead of a key hearing on October 12. Circle filed a court motion on September 29 in the ongoing SEC vs. Binance lawsuit and agreed debate Assets pegged to the U.S. dollar, such as USDC, are not securities.
Circle said at the time that buyers of these stablecoins did not expect to make any profits from purchasing them. Circle said the payment stablecoin itself does not have the “qualities of an investment contract.”
Judge Amy Berman Jackson accepted Circle as an amicus curiae and did not support the motions of defendants Binance and CEO CZ to dismiss the lawsuit. The court also reminded that amicus curiae may participate in oral arguments only with permission from the court.
An amicus curiae is an individual or group who is not a party to a legal dispute but is allowed to assist the court by providing information, expertise or insights into issues in the case. The court has the discretion to decide whether to consider amicus briefs.
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The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance on June 5, levying a total of 13 charges against the cryptocurrency exchange. Fees include unregistered securities sales of BNB and BUSD tokens. The U.S. Securities and Exchange Commission also believes that Binance failed to register as a broker-dealer clearing service and was operating illegally in the United States.
On September 22, Binance and its CEO Changpeng Zhao asked the court to dismiss the SEC’s lawsuit, accusing the SEC of exceeding its authority. Lawyers for Binance and Zhao said in the petition that the SEC failed to establish clear regulations for the industry before the exchanges filed suit and retroactively imposed jurisdiction over the business.
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