The U.S. Securities and Exchange Commission (SEC) continues to investigate stablecoin-focused crypto firm Circle in the Bitcoin and altcoin market, according to an October 4 document. Circle first received an “investigation subpoena” from the SEC’s Enforcement Division in July.
SEC targets altcoin company Circle
The subpoena was first disclosed in an S-4 filing dated August 6 and was filed by Circle as part of its offer to go public through a special purpose acquisition vehicle or SPAC. Most of the news at the time focused on Circle’s plan to become some kind of bank. Circle said, “We have received an investigation subpoena requesting documents and information regarding some of our assets, client programs and operations. “We are fully cooperating with this investigation,” he said.
The same was included in a new file that was made public on Monday. The document itself points to a broad scope of investigation, which is not surprising given the US securities regulator’s goal of tightening its oversight over the crypto industry. cryptocoin.com As we reported last month, SEC chairman Gary Gensler said he wants to bring the crypto market “within the framework of public policy.”
The SEC also launched an investigation into Coinbase’s Lend product.
In the month the subpoena was said to have been received, Circle announced that 61 percent of USDC stablecoin reserves were in the form of cash or cash equivalents, with Yankee CDs (certificate of deposits) and U.S. Treasuries accounting for 13 percent and 12 percent, respectively.
The SEC has also launched an investigation into Lend, which Coinbase announced will launch. After that, Coinbase stopped releasing this product. It is worth noting that Coinbase and Circle are two of the members of the Center Consortium.
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