First Mover Americas: Circle Argues Stablecoins Aren’t Securities in Response to SEC’s Binance Lawsuit

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First Mover Americas: Circle Argues Stablecoins Aren’t Securities in Response to SEC’s Binance Lawsuit
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The latest price moves in crypto markets in context for Sept. 29, 2023.

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.

In June, regulators charged Binance with multiple legal violations for facilitating trades in cryptocurrencies, such as Solana's SOL, Cardano's ADA and the Binance stablecoin BUSD, which the SEC alleged constituted unregistered securities. 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.

"Today, the Valkyrie Bitcoin Strategy ETF began adding exposure to Ether futures contracts, making it the first U.S. ETF to provide exposure to Ether and Bitcoin futures contracts under one wrapper," a spokesperson told CoinDesk in an email statement. Valkyrie was first to get approval for ETH futures ETF among other firms, as it"supplemented its prospectus and updated risk disclosures related to Ether futures," said the spokesperson.

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