The US SEC has raised concerns over the status of Circle’s stablecoin, USDC, as the company seeks to go public in a multi-billion dollar initial public offering (IPO), Barron’s reported on June 18, citing regulatory documents.
The SEC’s concerns are primarily related to the risks associated with USDC and other stablecoins potentially being classified as securities under US law. The watchdog expressed similar concerns in 2021 when Circle tried to go public via a special-purpose acquisition company (SPAC).
According to the report, the documents reveal an extended exchange between the SEC’s Division of Corporation Finance and Circle, spanning nearly a year.
The company has reportedly overcome most hurdles to an IPO despite the watchdog’s significant concerns. However, it is unclear whether its application will be approved as of press time.
SEC concerns
The SEC has requested that Circle disclose the risks associated with USDC if it is classified as a security under US law and the
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