Circle Internet Financial USDC Stablecoin Backer Under SEC Investigation

Circle Internet Financial, the backer of the USDC stablecoin, got a subpoena in July from the US Securities and Exchange Commission.

Source: Bloomberg

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The disclosure was part of a filing relating to Circle’s proposed merger with the special purpose acquisition company, Concord Acquisition Corp., a deal announced in July worth $4.5 billion.

Circle Chief Executive Officer Jeremy Allaire had initially pushed for more clarity on digital-asset regulation.

The company’s filing states that they received an investigative subpoena from the SEC Enforcement Division requesting documents and information relating to certain holdings, customer programs, and operations.

A Circle spokesman via email confirmed that Circle is cooperating in an ongoing SEC investigation, adding that the subpoena was a continuation of one in July that was disclosed in an August filing.