Stablecoin issuer Circle Internet Financial Ltd. and crypto investment fund Paradigm Operations submitted filings this week arguing that the Securities and Exchange Commission had overstepped its authority when it filed charges against the world’s biggest crypto exchange in June.
Paradigm filed an amicus brief in support of Binance’s recent move to dismiss the case. The crypto fund said in its filing that the SEC has pursued “an incoherent approach” to regulating cryptoassets, and that those attempts were premised on a “mistaken assertion” that crypto falls within the remit of existing laws.
Circle, which issues the USDC stablecoin and counts Binance-rival Coinbase Global Inc. as a minority owner, submitted a motion of “support of neither party.” The filing represented a way of protesting the SEC’s decision to treat Binance’s BUSD stablecoin as an unregistered security.“This marks the first time the SEC has taken enforcement action against a true payment stablecoin,” Circle said in its filing.
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