USDC Operator reveals Circle Received Subpoena from SEC

Through a recent filing, USDC operator revealed a past action order  of the Securities and Exchange Commission over the Circle firm. 

Circle is a firm, which is operating the 2nd largest stablecoin (USDC) of the crypto market. In the recent months, this coin got huge attention from the community from the point of better support from the regulators, Because Federal Reserve planned to adopt USDC as a Federal’s Central Bank Digital Currency. But now, here circle revealed that they also faced some kind of issues with the SEC.

Related: Circle plans to become a CBDC bank in the U.S.

Through a recent filing with the US Securities and Exchange Commission (SEC), Circle planned to go public and before this they will own Concord Acquisition Corp for a special support for the firm, as per Bloomberg report.

Through the filling, an old matter disclosed by the Circle. Circle said that the US securities and exchange commission ordered Circle to cooperate with the Investigation of the SEC. The Investigation was regarding the clarity on the working system of Circle for USDC and for this they ordered Circle to give information about products and holdings operations.

The Circle representative said 

“In addition, in July 2021, we received an investigative subpoena from the SEC Enforcement Division requesting documents and information regarding certain of our holdings, customer programs, and operations”

The representative also asserted that the Circle firm is fully cooperative toward the SEC and its Investigation. 

This is not the first time when a firm revealed its past action and reaction with the SEC. Before this Coinbase’s CEO Brian Armstrong also revealed that SEC refused to meet with Coinbase while other authorities were eager to meet with Coinbase. 

Read also: SEC authority have no intention to ban crypto : Gary Gensler