Circle Internet Financial, operator of second-largest stablecoin USDC, revealed it received a subpoena from the SEC in July
Yesterday, October 4, 2021, Circle Internet Financial filed Form S-4 with the United States Securities and Exchange Commission. This filing was made within the framework of Circle’s planned merger.
Circle subpoenaed by the SEC in July 2021
According to the text of the dossier released by the US watchdog SEC, Circle revealed he was subpoenaed three months ago. The subpoena was issued by the SEC’s Enforcement Division.
As reported by Bloomberg Crypto, Circle has revealed this fact, preparing to go public through a merger with special purpose acquisition company Concord Acquisition Corp.
Circle admitted that the SEC requested information about its products and holdings operations:
Additionally, in July 2021, we received an investigative subpoena from the SEC Enforcement Division requesting documents and information regarding some of our holdings, client programs and operations.
Then, Circle representatives stressed that the team is “fully cooperating” with the SEC’s investigation.
USDC Offer Adds 800% YTD
As previously covered by U.Today, on August 9, 2021, Circle decided to pay a civil fine of $ 10.4 million, restitution and pre-judgment interest to settle the case against its wholly owned subsidiary, Poloniex.
Pursuant to Section 5 of the Exchange Act, Poloniex was accused of offering unregistered securities as digital assets to U.S. citizens.
Circle’s main product, the USD Coin (USDC) stablecoin, has garnered a lot of attention this year. It is the fastest-growing major stablecoin as its market cap spiked from $3.9 billion to over $32 billion in 2021.
