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Circle argues stablecoins pegged to sovereign currency are not securities in response to SEC lawsuit against Binance

Circle, the company behind USD Coin (USDC), has submitted a legal brief to a Washington D.C. district court arguing that stablecoins linked to a sovereign currency, such as the US dollar, are not securities. The brief was filed in response to the SEC's lawsuit against Binance, which accused the exchange of offering unregistered securities to investors. Circle's position is that payment stablecoins do not meet the criteria for SEC oversight as they lack the essential features of an investment contract. Binance has recently delisted three stablecoins, including Pax Dollar and TrueUSD, but still holds $683 million worth of USDC on its exchange and is accepting USDC deposits on Ethereum scaling solutions Arbitrum and Optimism.

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