The US Securities and Exchange Commission (SEC) is investigating Circle, one of the main members of the Center consortium behind the USDC stablecoin.
Circle received a subpoena requesting “documents and information regarding certain company assets, client programs and operations,” according to the report, back in July 2021. The report does not specify what the investigation is focused on, but emphasizes that Circle is “fully cooperating” with representatives of the SEC.
Judging by the wording, the SEC is interested in a variety of data and information about the assets and “internal kitchen” of the company. This is not surprising given the increasing regulatory pressure on the US cryptocurrency industry. In addition, Circle intends to become a “national commercial bank with full reserve,” which also draws the attention of the SEC.
Earlier, the SEC threatened a possible lawsuit against another member of the Center consortium – the Coinbase exchange – in the event of launching a high-yield savings product for the USDC stablecoin. Due to this, Coinbase refused to launch such a product.
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