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Crypto Circle (who is behind the USDC stablecoin) is under investigation by the SEC

Crypto Circle (who is behind the USDC stablecoin) is under investigation by the SEC

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Answer Crypto Circle (who is behind the USDC stablecoin) is under investigation by the SEC

The Securities and Exchange Commission continues to investigate cryptocurrency-focused stablecoin “Circle,” according to a regulatory filing released yesterday, October 4.

Crypto Circle received an investigative subpoena from the SEC’s enforcement division last July.

to be detection The subpoena was first reported in S-4 filing on August 6 and was filed with the FCA by Circle as part of its IPO via a partnership with a Special Purpose Acquisition Company, or SPAC.

The news at that time took a lot of coverage, as published press reports showed that the crypto company “Circle” would become a kind of digital bank.

Read:Study: Switzerland has the “most profitable bitcoin traders” and France is the best country for bitcoin trading

The aforementioned dossier included investigative language, a case that may not be surprising given the SEC’s stated goal of tightening oversight of the cryptocurrency industry.

Last month, he told the head of the SEC that he wanted to bring the crypto market into public policy.

In the same month that the subpoena was said to have been received, Circle revealed that 61% of its stablecoin reserves in USDC were in cash or its equivalent, with Yankee CDs and US Treasuries at 13% and 12%, respectively. .

Read:Ripple CEO: Ripple SEC’s indictment means all cryptocurrencies are indicted

A little more than a month later, Circle said its USDC reserve strategy would shift to cash and Treasuries only.

Read also:

Facebook and Instagram shutdown highlights importance of decentralization and blockchain technology

Bank of America: Bitcoin is important and the cryptocurrency industry is too big to ignore


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