US SEC is investigating USDC issuer Circle
Circle, an issuer of US dollar-backed stablecoin USDC, is under investigation by the US Securities and Exchange Commission (SEC).
Circle is a blockchain-related US financial company involved in the development and issuance of USDC. According to the latest documents released, the company received a “subpoena for investigation” from the law enforcement department of the SEC in July 2021.
The company said:
“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. We are cooperating fully with their investigation.”
Meanwhile, some experts pointed out that Circles investigation involves the company’s institutional interest rate product “Circle Yield”.
Coinbase, a major cryptocurrency exchange, recently received a Wells Notice regarding its ‘Lend’ product offering which bore similarities to ‘Circle Yield’. Soon after this, Coinbase withdrew the launch of the product.
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