The US SEC is investigating crypto firm Circle over USDC product

2021-10-5 16:00

The United States Securities and Exchange Commission is investigating crypto payments company Circle. This was revealed by the crypto firm via a regulatory filing that it received an “investigative subpoena” from the enforcement division of the SEC in July.

Circle under SEC radar since July

In the July subpoena, Circle had stated its plans to go public through a special-purpose acquisition vehicle, commonly known as SPAC. It continued that the SEC was requesting for “documents and information regarding certain of our holdings, customer programs, and operations,” while also disclosing that “we are cooperating fully with their investigation.”

A new regulatory filing by Circle on October 4 shows that the investigation is still underway as its filings carry the same language. While the first announcement had gone largely unnoticed, the new revelation shows the length the financial regulator would go to regulate the “unregulated” crypto space.

The investigations might not be unconnected from the press statement issued around that time which showed that Circle was planning to offer a yield program for institutional investors domiciled in the US and Switzerland. This yield program is way higher than what Coinbase was offering which also drew the angst of the regulator.

Circle had revealed that the reserve of its stablecoin, USDC, was held mostly in cash and cash equivalents while the remainder was being held in commercial paper accounts, treasuries, and bonds.

Interestingly, the crypto firm had agreed to pay the commission $10 million earlier in the year over its role as an unregistered crypto exchange for Poloniex.

Gary Gensler’s SEC on the crypto tail

The SEC under Gary Gensler has repeatedly revealed its intention to regulate the crypto space. The commission’s chairman in one of his recent interviews urged crypto exchanges to register with the regulator.

Recent happenings and revelations, however, point to how the SEC has been approaching the crypto industry as it seeks to bring them under a “public policy framework.”

The post The US SEC is investigating crypto firm Circle over USDC product appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

crypto investigating circle usdc product sec firm

crypto investigating → Результатов: 114


Фото:

Chinese Officials Are Investigating Crypto Mining Operations

Regulators in China’s Sichuan province are gathering information on cryptocurrency mining, potentially leading to a full crackdown on the practice, Reuters reports. The news comes after the Chinese government announced it will  “crack down on bitcoin mining and trading behavior, and resolutely prevent the transfer of individual risks to the society” according to a statement.

2021-6-8 22:56


Фото:

Brazil: Authorities Investigating Banks that Close Crypto Exchange Accounts

The Administrative Council for Economic Defense (CADE), Brazil’s antitrust watchdog, elected to revisit the probing of some banks who closed the bank accounts belonging to local crypto exchanges.   Antitrust Agency Probes Banks’ Closure of Crypto Exchange Accounts According to a report by Finance Magnate on Thursday (May 21, 2020) the CADE moved to continue itsRead MoreRead More.

2020-5-21 17:00


Фото:

Bitcoin Companies Under Investigation by Indian Government

Lawmakers in India are investigating the operations of Bitcoin and crypto companies in the country over suspected fraudulent activities. India’s Lower Parliament Looking into Bitcoin Companies According to a document released by Lok Sabha — the lower house of India’s bicameral parliament, some lawmakers in the country want the Executive to look into the activitiesRead MoreRead More.

2020-3-19 20:00


Shenzhen City Authorities Warns Against Illegal Crypto Activities After Recent Blockchain Hype

According to Eastmoney, Shenzhen, the tech capital of china recently issued a warning against illegitimate dealings taking place in the cryptocurrency industry. The report released by Eastmoney indicated that the Leading Group for Remediation of Internet Finance Risks, a regulatory body in the city, is investigating all illegal dealings in the crypto space. According to […]

2019-11-22 00:00


Bankrupt Crypto Exchange QuadrigaCX Now Has At Least 4 Law Enforcement Agencies Investigating

You may remember QuadrigaCX, the Canadian exchange with a CEO Gerald Cotten who died and took all the time of the investors to the grave. In a recent development of this story, which happened at the beginning of 2019, at least four different law enforcement agencies are said to be investigating the case. According to […]

2019-8-28 21:42


Chinese Authorities Are Investigating EtherDelta Over Possible Exit Scam

The crypto trading platform EtherDelta is currently being investigated by the Chinese police over allegations of exit scam, which is when a company vanishes with funds from clients. In this case, EtherDelta is being accused of selling tokens during an Initial Coin Offering (ICO) and then abandoning the platform. EtherDelta was a platform that was […]

2019-8-8 23:27