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The SEC subpoenaed the USDC Issuer Circle in July
According to a new mandatory filing from Circle – the company behind one of the largest stablecoins USDC – the company is under investigation by the US Securities and Exchange Commission. It appears that regulatory scrutiny is increasing and stablecoin issuers are also under the radar of lawmakers. In a recent filing, Circle, the company behind the world's second-largest stablecoin by total market cap, revealed that it received a subpoena from the SEC back in July. Additionally, in July 2021, we received an investigative notice from the SEC Enforcement Division requesting documents and information relating to certain of our holdings, customer programs, and operations...
The SEC subpoenaed the USDC Issuer Circle in July
According to a new mandatory filing from Circle – the company behind one of the largest stablecoins USDC – the company is under investigation by the US Securities and Exchange Commission.
It appears that regulatory scrutiny is increasing and stablecoin issuers are also under the radar of lawmakers. In one most recent filing, Circle, the company behind the world's second-largest stablecoin by total market capitalization, announced that it received a subpoena from the SEC back in July.
Additionally, in July 2021, we received an investigative notice from the SEC Enforcement Division requesting documents and information relating to certain of our holdings, customer programs and business operations. We are cooperating fully with your investigation.
The file did not raise any concerns, but it also did not reveal what was at the heart of the investigation. The document also reiterates the matter between the SEC and Poloniex – the popular cryptocurrency exchange and also a subsidiary of Circle. Poloniex agreed to pay a civil penalty, disgorgement and prejudgment interest of approximately $10.4 million for failing to register as a national securities exchange.