Company: CRCL
Filing Date: 2025-05-16
Form Type: S-1/A
Source: 0001193125-25-121234
Chunk: 232

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-16
Form: S-1/A
Chunk 232
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 offers or sales of securities under U.S. federal securities laws, although neither the SEC nor the Division has concurred with our view. In addition, although EURC is euro-denominated and thus does not satisfy the definition of Covered Stablecoins set forth in the April 4 Statement, it is our view that EURC would satisfy such definition but for the fact that all relevant currency denominations for EURC are in euros rather than U.S. dollars. Accordingly, our view is that our offer and sale of EURC also does not involve the offer and sale of securities within the meaning of U.S. federal securities laws, although neither the SEC nor the Division has concurred with our view. Our conclusion, even if reasonable under the circumstances and in our view consistent with the April 4 Statement, would not preclude legal or regulatory action based on a finding that either USDC or EURC is a “security,” or was offered or sold by us in a securities transaction. See “Risk factors—Risks related to our business and industry—Although we have concluded that Circle stablecoins are not “securities” under U.S. federal securities laws and our offers and sales of Circle stablecoins are not securities transactions, any classification of Circle stablecoins as a “security.” or our offer or sale of Circle stablecoins in securities transactions, would subject us to additional regulation and could materially impact the operation of our business.” Evolving statutory and regulatory landscape in the United States The laws and regulations to which we are or may be subject are rapidly evolving and increasing in scope. For example, on January 21, 2025, the SEC launched a crypto task force dedicated to developing a comprehensive and clear regulatory framework for digital assets, and following the task force announcement, on January 23, 2025, President Trump signed an executive order establishing a new working group on digital asset markets. The group is tasked with recommending new regulatory and legislative proposals within 180 days of the date of the order, including proposing a federal regulatory framework governing the issuance and operation of digital assets, including stablecoins. Therefore, we monitor these areas closely and invest significant resources to ensure our business practices evolve to help us comply with the current laws, regulations, and legal standards to which we are subject, as well as to plan and prepare for changes in interpretations thereof, as well as additional laws, regulations, and legal standards that are introduced in the future. In addition, we are hopeful that a comprehensive U.S. federal-level regulatory framework for stablecoins will emerge in the near