Company: CRCL
Filing Date: 2025-04-18
Form Type: S-1/A
Source: 0001193125-25-084832
Chunk: 220

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-18
Form: S-1/A
Chunk 220
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 (GENIUS Act of 2025), and the U.S. House Financial Services Committee also recently voted to advance the Stablecoin Transparency, and Accountability for a Better Ledger Economy Act of 2025 (STABLE Act of 2025). The bills will need to be reconciled and voted on by the full Senate and House of Representatives, and be signed by the President before becoming law. Each bill would establish a comprehensive regulatory framework for payment stablecoins. Their key provisions include:

| • |     | defining requirements and privileges for entities legally permitted to issue payment stablecoins, and restricting issuance 
 in the United States to federally or state-approved issuers;                                                               |

| • |     | establishing a regulatory framework allowing both banks and approved nonbank entities to issue payment stablecoins under 
 specific licensing requirements;                                                                                         |

| • |     | providing a dual regulatory pathway for issuers to be licensed at the state or federal level; |

| • |     | implementing strict reserve, disclosure, and redemption requirements, mandating 1:1 backing with high-quality liquid assets 
 and requiring monthly public reporting of reserves;                                                                         |

| • |     | requiring prudential regulation and supervision for federal qualified nonbank payment stablecoin issuers, under the 
 oversight of the Office of the Comptroller of the Currency (OCC);                                                   |

| • |     | directing federal prudential regulators to establish capital, liquidity, and risk management standards tailored to the risk 
 profile of stablecoin issuers, ensuring financial stability and consumer protection;                                        |

| • |     | granting state regulators primary supervision, examination, and enforcement authority over state-licensed stablecoin  
 issuers, with the Federal Reserve Board and OCC retaining back-up enforcement authority in certain circumstances; and |

| • |     | clarifying the treatment of payment stablecoins under the federal securities laws, explicitly excluding them from the                             
 definition of “security” under the Securities Act, the Exchange Act, the Investment Advisers Act of 1940, and the Investment Company Act of 1940. |

Principal non-U.S.regulatory regimes Outside of the United States, the activities of our foreign affiliates are, or may be, supervised by various financial regulatory authorities in the jurisdictions in which they operate and under which they are licensed to provide services. Similar to the United States, the laws and regulations applicable to virtual currency and other 155

digital assets are evolving and subject to interpretation and change. We are constantly evaluating opportunities to expand into jurisdictions in which we currently do not operate