Paradigm accuses SEC of bypassing rules in Binance lawsuit

Venture capital firm Paradigm has criticized the United States Securities and Exchange Commission (SEC) for bypassing the standard rulemaking procedures in its current legal action against the cryptocurrency exchange Binance.

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USD Coin (USDC) issuer Circle has recently become a participant in the ongoing legal dispute between Binance and the SEC. Circle believes the SEC should not categorize stablecoins as securities.

Circle argues that these assets should not be categorized as securities because individuals acquiring stablecoins do not do so to derive profits.

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