Cryptocurrency
Crypto Unicorn Circle Aims to Expand Into Regulated Banking via @bloomberg
According to Bloomberg, “Circle Internet Financial Ltd., one of the world’s most valuable cryptocurrency platforms, is looking to make a big leap into the highly regulated realm of U.S. banks and brokerages. “The venture, partly backed by Goldman Sachs Group Inc., plans to seek a federal banking license to provide more services to customers. It also intends […]
According to Bloomberg, “Circle Internet Financial Ltd., one of the world’s most valuable cryptocurrency platforms, is looking to make a big leap into the highly regulated realm of U.S. banks and brokerages.
“The venture, partly backed by Goldman Sachs Group Inc., plans to seek a federal banking license to provide more services to customers. It also intends to pursue registration as a brokerage and trading venue with the Securities and Exchange Commission, so it can help investors buy and sell tokens deemed to be securities.
“Circle leaders including Chief Executive Officer Jeremy Allaire laid out those aspirations in an interview with Bloomberg. It’s uncharted territory: No venture that began in the largely unchecked world of digital currencies has obtained such status with U.S. regulators. While getting a banking license would subject it to tough scrutiny, the move would winnow the field of regulators Circle must appease because federal laws would pre-empt a patchwork of state rules covering crypto.”