A senior judge in the District Court of Colombia did just that It said Several orders have been signed to clear pending orders in the US Securities and Exchange Commission’s ongoing lawsuit against cryptocurrency exchange Binance ahead of a crucial hearing.
Among the key orders, the judge granted an amicus brief filed by stablecoin issuer USD Coin (USDC) ahead of a key hearing on October 12. Circle filed a motion with the court on September 29 in its ongoing SEC lawsuit against Binance. Argue Assets linked to the US dollar, such as USDC, are not securities.
Circle said at the time that buyers of these stablecoins did not expect any profit from obtaining them. According to Circle, payment stablecoins do not have the “features of an investment contract” per se.
Judge Amy Berman Jackson accepted the circuit as amicus curiae in support of either party in defendants Binance and CEO CZ’s motions to dismiss the lawsuit. The court also reminded that amicus curiae may not participate in oral arguments except after obtaining the court’s permission.
An amicus curiae is a person or group who is not a party to a legal dispute but who is permitted to assist the court by providing information, expertise, or insight about the issues in the case. The court has the authority to decide whether or not to consider an amicus brief.
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The SEC filed a lawsuit against Binance on June 5, filing a total of 13 charges against the cryptocurrency exchange. The fees include sales of unregistered securities for the BNB and BUSD tokens. The SEC also argues that Binance failed to register as a clearing service for brokers and dealers and is operating illegally in the United States.
On September 22, Binance and its CEO, Changpeng Zhao, filed a petition with the court to dismiss the lawsuit brought by the SEC, claiming that the SEC had exceeded its authority. Lawyers for Binance and Zhao stated in their petition that the SEC failed to set clear industry standards prior to the exchange’s litigation and imposed its jurisdiction over the business retroactively.
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