Feb 15, 2023

Circle Denies Receiving “Wells Notice” Over USDC

In response to rumors that it had received a “Wells Notice” from the U.S. Securities and Exchange Commission (SEC) to cease the sale of its United States dollar-pegged stablecoin, USD Coin (USDC) issuer Circle has denied the allegations.

The rumor was first posted on Twitter by Fox Business reporter Eleanor Terrett, who claimed that the SEC had ordered Circle to stop the sale of USDC due to it being an unregistered security.

However, the rumor was quickly debunked by Dante Disparte, chief strategy officer and head of global policy at Circle Pay. Replying on Twitter just 15 minutes after Terrett’s tweet, Disparte said his firm had not received a Wells Notice.

A Wells Notice is a formal notice sent by the SEC informing the recipient that the agency plans to bring enforcement actions against them.

In response to the mistake, Terrett said she had gone with the “word of several trusted sources” and apologized for the misunderstanding. Dante accepted her apology, noting that “there is a lot of churn, swirl and rumors informing the market right now.”

The news follows a similar announcement from Paxos Trust Company, the issuer of Binance USD (BUSD), which confirmed that it had received a Wells Notice alleging it failed to register the offering under federal securities laws.

When asked earlier this week whether Circle had received a similar notice from the SEC concerning USDC, Disparte told Cointelegraph: “Circle maintains that USDC is a regulated dollar digital currency issued as stored value under U.S. money transmission law.”

He went on to explain that “facts and circumstances in any type of regulatory action like this are all different, as are the structural and regulatory considerations with each of the cryptocurrencies that are in circulation around the world.”

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