Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 241

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 241
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 “Risk factors—Risks related to our business and industry—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.”

146

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

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 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 and, should we expand into such additional jurisdictions, we may be subject to additional regulation and incur additional costs. As
of the date of this prospectus, we believe the following non-U.S. jurisdictions are material to our business.

European Union

MiCAR generally regulates the operation of a trading platform for crypto-assets, any exchange of crypto-assets for fiat or crypto-assets, the custody and
administration of crypto-assets, and any execution or the transmission of orders for crypto-assets on behalf of third parties.

MiCAR requires any company
offering digital asset services in the European Union to be licensed by an EU member state and, among other things, establishes requirements related to governance, reserves, capital, asset safeguarding, segregation, and security. Under MiCAR,
issuers of e-money tokens (such as USDC and EURC) must issue e-money tokens at par value upon receiving the equivalent funds. Holders of e-money tokens have a claim against the issuer of e-money tokens and, upon a redemption request by such holder,
the issuer must redeem it at par value by paying in funds, other than electronic money, the monetary value of the e-money token. The issuer must offer holders a fee-free method to redeem e-money tokens. Issuers of e-money tokens cannot grant
interest in relation to e-money tokens, including any remuneration or any other benefit related to the length of time during which a holder of an e-money token holds such e-money token