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SEC Orders Circle to Provide Documents of Its Crypto Services By CoinQuora

by Mike Robinson

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SEC Orders Circle: Provide documents of its crypto services
  • The SEC is investigating Circle’s operation.
  • The SEC’s Enforcement Division asked Circle to provide documents and information regarding its holdings, customers’ programs, and more.
  • Circle confirmed it would cooperate with the SEC during the investigation.

The US Securities and Exchange Commission (SEC) is currently investigating Circle’s operations — the company behind USDC stablecoin. Circle has revealed that the SEC Enforcement Division launched the investigation in July 2021.

To clarify, the regulator asked Circle to provide legalized documents and information of its holdings, customers’ programs, and its operation. Circle confirmed that the matter was being investigated and stated they were willing to cooperate with the SEC in the current audit.

Additionally, the SEC Enforcement Division issued us an investigative subpoena in July 2021 asking for documents and information concerning certain customer programs, holdings and operations. We fully cooperate with them.

The same statements were made by Circle in August when the SEC opened an investigation into its subsidiary Poloniex. Circle also agreed to pay $10 million in fines to SEC for operating Poloniex as an unregistered cryptocurrency exchange.

Circle also revealed that 61% of USDC reserve were in cash or cash equivalents, while the rest are held in commercial paper accounts and treasuries and bonds.

Circle also plans to become public using a special-purpose acquisition vehicle. In essence, the company hopes to achieve this milestone by partnering with Concord Acquisition Corp with the firm’s $4.5 billion value.

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