Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 49

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 49
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, Circle will be subject to a regulatory regime that includes,
among other provisions, financial crimes requirements; capital, liquidity, and risk management requirements; activities limits; privacy provisions; consumer protection requirements; and provisions related to stablecoin holder priority in insolvency.
While we already adhere to and/or have programs addressing many of these requirements consistent with our “regulation-first” philosophy and in order to comply with the requirements of various regulatory regimes to which we are already
subject, the specifics of the rules implementing the GENIUS Act may require changes or updates to our compliance programs and impose additional costs on us. In addition, the GENIUS Act and its implementing regulations may limit our flexibility in
certain ways, such as limiting the assets that are permitted to be held in a payment stablecoin reserve, which could limit our discretion on the future composition of our stablecoin reserves.

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

The GENIUS Act may also affect the competitive landscape for payment stablecoins. For example, the additional
legal and regulatory clarity provided by the GENIUS Act may have the effect of encouraging new entrants that may compete with Circle. See “Business—Competitive landscape” and “Risk factors—Risks related to our business and
industry—Competition from new and existing issuers offering competing products, combined with the rise of yield-bearing digital assets, including TMMFs, that are attractive to digital asset trading participants, may reduce market demand and
circulation of Circle stablecoins” for additional detail on the competitive landscape that we face and potential implications of increasing competition. As another example, the provisions of the GENIUS Act relating to foreign-issued stablecoins
may lead to certain non-U.S. issuers leaving the United States market. Any potential changes to the competitive landscape and their effect on Circle are complex and cannot be predicted with certainty at this time.

While the GENIUS Act amends the U.S. federal securities laws to explicitly exclude from the definition of “security” payment stablecoins issued by PPSIs, which will include USDC. Until those amendments are effective, we will continue to rely on our conclusion that USDC is not a security under the U.S. federal securities laws.

The GENIUS Act amends the U.S. federal securities laws to exclude from the definition of “security” payment stablecoins issued by PPSIs. While the