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