The U.S. Securities and alternate commission (SEC) is investigating Circle, one of the important participants of the Centre consortium at the back of the USDC stablecoin.
Consistent with the document, Circle acquired a subpoena returned in July 2021 inquiring for "documents and facts regarding positive enterprise assets, patron applications and operations." The file does no longer specify what the research is specializing in, but stresses that Circle is "completely cooperating" with SEC officers.
Judging by using the language, the SEC is interested by a extensive kind of information and information approximately the agency's property and "internal workings." This isn't always sudden, given the increasing regulatory strain on the cryptocurrency enterprise in the U.S. In addition, Circle intends to turn out to be a "national commercial financial institution with complete reservations," which also brings it to the SEC's attention.
Earlier, the SEC threatened a probable lawsuit towards some other member of the Centre consortium, the Coinbase change, if it released a excessive-yield financial savings product for the USDC Stablecoin. As a result, Coinbase declined to release any such product.