Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 239

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 239
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 deposit accounts at U.S. state or federally
chartered depository institutions, and (v) reserves must be attested to monthly and annually by a certified public accountant. In addition, regulations governing the BitLicense as well as regulations governing our Virtual Currency License
prohibit us from lending, pledging, rehypothecating, or otherwise encumbering reserve assets. Other jurisdictions are expected to require similar licenses. For example, California’s Digital Financial Assets law will require persons engaging in
digital asset business activities to obtain a license from the California Department of Financial Protection and Innovation when the law comes into effect on July 1, 2026.

145

CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83

While our MTLs and money services business registration status subject us to regulations that govern material
aspects of our business—for example, how we commercialize Circle stablecoins, onboard customers, and maintain adequate reserves to fully back Circle stablecoins—such regulation is not equivalent to the type of prudential regulation and
supervision that applies to regulated banks, such as under the Federal Deposit Insurance Act, National Bank Act, Bank Holding Company Act, and Federal Reserve Act, which include prudential supervision by regulators, minimum capital requirements, and
specified prohibited activities.

Regulations for national trust banks

On June 30, 2025, we submitted to the OCC an application to form FNDCB as a national trust bank. If approved, FNDCB will operate as a federally regulated
trust institution, subject to ongoing supervision and examination by the OCC. FNDCB is expected to manage the USDC reserve, in accordance with applicable fiduciary, capital, risk management, and operational standards prescribed by the OCC for
national trust banks.

Commodities and derivatives laws

The CFTC has stated in guidance and before Congress, and federal case law relating to CFTC enforcement actions have supported, that at least some digital
assets, including Bitcoin, Ether, and certain stablecoins, fall within the definition of “commodity” under the Commodity Exchange Act (the “CEA”) and the regulations of the CFTC thereunder. In particular, on October 12,
2023, the CFTC expressly stated in a complaint against a third party that USDC is a “commodity” as defined in the CEA and indicated that futures, options, and swap contracts