Circle Internet Financial has filed an amicus brief with the U.S. District Court for the District of Columbia, arguing that U.S. dollar-backed payment stablecoins like USDC are not securities and thus fall outside the jurisdiction of the U.S. Securities and Exchange Commission (SEC). This move is in response to the SEC's case against Binance, which involves allegations of illegally offering BUSD as a security without registration. Circle emphasizes that payment stablecoins do not possess the characteristics of investment contracts, as they do not offer potential profits based on the issuer's efforts. The brief urges the court to consider the broader implications of granting the SEC jurisdiction over stablecoins, which are integral to the digital asset ecosystem and subject to ongoing legislative debate. Circle seeks to ensure that existing laws and regulations are enforced effectively, avoiding any overreach that could disrupt the digital economy and create regulatory confusion.