Stablecoin buyers don't expect a profit so it's not an investment contract, argues the USDC issuer, supported by former commodities regulator Heath Tarbert.
Stablecoin issuer Circle has intervened in the Securities and Exchange Commission’s case against major crypto exchange Binance, arguing that financial trading laws shouldn’t spread to stablecoins whose value is tied to other assets.
That’s become one of the most major cases in crypto right now, as the world’s biggest crypto exchange – alongside rivals like Coinbase – seek to argue that crypto isn’t caught by existing heavy-handed U.S. financial laws. “Payment stablecoins, on their own, do not have the essential features of an investment contract,” meaning they fall outside of SEC jurisdiction, Circle’s filing said. “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.”
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