SEC Subpoenas USDC Stablecoin Backer Circle

Circle said it is “fully cooperating” with the investigation but has declined to elaborate on its scope. Read the full article by: Danny Nelson

Key Points:

• Just last week the SEC announced they were going to be looking into Coinbase as well as forcing Coinbase to cancel their plans of releasing a product that would allow users to generate an APY on their crypto.

• Now they are coming after one of Coinbase’s biggest partners in Circle. They are the creators of the biggest and most used stable coin on Coinbase USDC.

• Circle said that they have received a subpoena requesting “documents and information regarding certain of our holdings, customer programs, and operations,”. Circle says they are going to fully cooperate just as they did in August when they paid the SEC $10 Million for subsidiary exchange, Poloniex, was an unregistered digital asset exchange.

• Circle is still in the middle of going public through a SPAC merger which values the company at $4.5 Billion.