In the ongoing standoff between the U.S. Securities and Exchange Commission (SEC) and cryptocurrency exchange Binance, a court hearing has been set for October 12 that could be pivotal for the industry.
On October 11, Judge Amy Berman Jackson issued court orders granting motions to dismiss the SEC's case against Binance and appointing Circle Internet Financial as amicus curiae, an independent entity that does not support either party and assists the court. The USDC issuer confirmed that stablecoins are not securities. As such, the SEC, as a securities regulator, should not oversee payment stablecoins.
"Any future efforts to file an amicus curiae shall be accompanied by no more than two motions at a time and shall fully explain the need for such an appeal," the decision states.
According to the judge's statement, amicus curiae may participate in oral arguments only with the court's permission.
In addition, the court's ruling granted the motions of attorneys Jeremy Gray, Mark W. Rasmussen, Heath P. Tarbert, Eric Tang, and Daniel Kaleba to appear on behalf of their clients. In doing so, the attorneys must complete CM/ECF training, register with the system, and file electronically.
Also read: XRP sees a drop in demand.
