According to a new mandatory filing by Circle – the company behind one of the largest USDC stablecoins – the company is under investigation by the US Securities and Exchange Commission.
- Regulatory scrutiny appears to be strengthening, and stablecoin issuers are also under the lawmakers’ radar.
- In a recent filing, Circle, the company behind the world’s second largest stablecoin by total market capitalization, revealed that it received a summons from the SEC back in July.
Additionally, in July 2021, we received an investigative inquiry from the SEC Law Enforcement Department requesting documents and information regarding some of our holdings, customer programs, and operations. We fully cooperate with their investigations.
- The file did not give cause for concern, but it also did not reveal what was the focus of the investigation.
- The document also reiterates the issue between the SEC and Poloniex – the popular cryptocurrency exchange and also a subsidiary of Circle.
- Poloniex has agreed to pay a civil fine, forfeiture, and pre-judgment interest of approximately $10.4 million for its failure to register as a national stock exchange.
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