Filing circle usdc july

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filing circle usdc july

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Sweden, with Circle claiming that the product’s regulated by the Bermuda Monetary Authority.

The yield product by Circle is quite similar to Coinbase Lend, a product that’s attracted the interest of the SEC as well, leading to its dismissal before it even launched. However, unlike its Centre Consortium partner, Circle recognized its product as a securities offering, and followed protocols governing such a product.

Jeremy Allaire, the company’s founder and CEO told Yahoo, “Our analysis was that this was going to be a security and that we need to offer it as a security.”

This is not Circle’s first run-in with regulators.

The planned SPAC acquisition of the issuer of the USD Coin (USDC) by Concord Acquisition has been doubled in value to $9bn (£6.6bn) and delayed, as the market capitalisation of the target, Circle International Financial, tops $50bn (£37bn), the company said in a press release. Circle’s USD coin cryptocurrency token is pegged to the US dollar.

Concord scrapped the previous $4.5bn merger agreement reached last July and announced a new deal that is now expected to list by January 2023.

Regulation looming

The change comes as stablecoins, as well as all cryptocurrency digital assets, currently faceincreased scrutinyfrom US lawmakers.

Filing circle usdc julyan

The United States Securities and Exchange Commission is investigating crypto payments company Circle. This was revealed by the crypto firm via a regulatory filing that it received an “investigative subpoena” from the enforcement division of the SEC in July.

Circle under SEC radar since July

In theJuly subpoena, Circle had stated its plans to go public through a special-purpose acquisition vehicle, commonly known as SPAC. It continued that the SEC was requesting for “documents and information regarding certain of our holdings, customer programs, and operations,” while also disclosing that “we are cooperating fully with their investigation.”

A newregulatory filingby Circle on October 4 shows that the investigation is still underway as its filings carry the same language.

“Circle’s rapid growth and world-class leadership are underscored by a regulatory-first mindset fixed on building trust and transparency in global markets,” added Concord sponsor Atlas Merchant Capital CEO Bob Diamond said in the press release.

Extended deadline

The acquisition closing deadline, initially 3 April, is now 8 December with the ability to extend to 31 January 2023, the company reported in an 8-K filing with the US Securities & Exchange Commission.

The acquisition deadline was pushed back “for a variety of reasons outside of the parties’ control,” Concord Acquisition added.

Shares of New York, New York-based blank-cheque firm Concord Acquisition are trading around $10.08 per share, down 25.2% from the $13.48 52-week high share price set last November as cryptocurrencies reached record prices.

The fresh capital will be used to promote the company’s strategic growth “as demand for dollar digital currency and related financial services continues to scale globally,” Circle said in a statement.

“This is a milestone moment for Circle and part of the “coming of age” of crypto,” Allaire said. Circle is focused on continuing to increase mainstream adoption of USDC and blockchain technology for payments, commerce and financial applications, he added.

This funding comes at an interesting inflection point after the firm delayed its SPAC merger and doubled its valuation to $9 billion in February 2022. It was previously valued at $4.5 billion in July 2021.

As part of the move, the company has filed a Form S-4 with the SEC, revealing a probe into the company by the watchdog.

“In July we received an investigative subpoena from the SEC Enforcement Division requesting documents and information regarding certain of our holdings, customer programs, and operations. We are cooperating fully with their investigation,” Circle revealed in its filing.

The company has declined to reveal what the investigation is about, claiming it can’t disclose details about an ongoing investigation. However, a spokesperson for the company told Bloomberg, “Circle is cooperating in an ongoing SEC investigation.”

However, it’s speculated that the probe is likely on the company’s high-interest yield product.
Known as Circle Yield, it’s advertised as a “well-regulated cryptocurrency yield product.” It’s only available to accredited investors in the U.S.

Concord stock trades over the New York Stock Exchange (NYSE) under the ticker “CND”.

Circle has applied to list its shares on the NYSE under the ticker “CRCL”.

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Transaction participants

“Being a public company will further strengthen trust and confidence in Circle and is a critical milestone as we continue our mission to build a more inclusive financial ecosystem,” said Circle CEO Jeremy Allaire in a statement. “Making this journey with Concord under our new agreement is a strategic accelerator.”

Goldman Sachs is acting as financial advisor for Concord, with Greenberg Traurig as legal advisor.

Citigroup is acting as capital markets advisor for Circle.

Investors in the transaction’s capital commitments include Adage Capital Management, Cathie Wood’s ARK Investment Management, Fidelity and Marshall Wace.

Rising USD Coin circulation

CoinMarketCap.com shows USDC has a market capitalisation of $52.5bn.

Boston, Massachusetts-based Circle cited the doubling of USDC circulation as the reason for the new $9bn deal valuation. “The increase in value reflects improvements in Circle’s financial outlook and competitive position,” the coin issuer said. “USDC’s circulation has more than doubled since the original deal was announced.”

Circle’s USD Coin Ethereum-based stablecoin is pegged 1:1 to the US Dollar and thus currently trades at $1, according to data maintained by CoinDesk.

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Circle Internet Financial, the company behind the USDC stablecoin, is under investigation by the U.S. securities watchdog. The firm revealed in a recent regulatory filing that the Securities and Exchange Commission (SEC) subpoenaed it in July, although it refused to reveal what the probe was about.

Circle is one of the two key companies behind the Centre Consortium, the organization that issues the USD Coin (USDC) stablecoin—with the other being Coinbase. USDC is the second largest stablecoin in the market after Tether, with a $32 billion market cap.

Circle is planning on going public via a special-purpose acquisition company (SPAC) deal, merging with Concord Acquisition Corp in a deal that values the firm at $4.5 billion.

Stablecoin backer Circle Financial is more than happy to comply with a Securities and Exchange Commission (SEC) investigation. However, it has once again stopped short of actually saying what it’s all about.

The Boston-based firm — served a subpoena in July — has been busy offering the SEC information about its holdings, operations, and customer programs.

The company noted the SEC investigation in regulatory filings issued Monday as it prepares to go public via a SPAC merger.

“[…] In July 2021, we received an investigative subpoena from the SEC Enforcement Division requesting documents and information regarding certain of our holdings, customer programs, and operations. We are cooperating fully with their investigation,” disclosed Circle.

Circle had previously revealed the investigation in an August filing.

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