Company: CRCL
Filing Date: 2025-02-13
Form Type: DRS/A
Source: 0000950123-25-001965
Chunk: 220

Company: Circle Internet Group, Inc.
Filing Date: 2025-02-13
Form: DRS/A
Chunk 220
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 for payment stablecoins. Its key provisions include:

| • |     | establishing requirements and privileges for entities that may legally issue payment stablecoins; |

| • |     | establishing a pathway for both bank and nonbank entities to issue payment stablecoins; |

| • |     | creating a pathway for issuers to be licensed either by state or federal regulators; |

| • |     | instituting robust reserve, disclosure, and redemption standards; |

| • |     | mandating prudential regulation and supervision for federal qualified nonbank payment stablecoin issuers; |

| • |     | requiring federal prudential regulators to make rules imposing requirements for capital, liquidity, and risk management; |

| • |     | granting state regulators primary supervision, examination, and enforcement authority over state-licensed stablecoin                                       
 issuers, leaving the Federal Reserve Board with secondary enforcement authority for exigent circumstances upon notice to the relevant state regulator; and |

147

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

| • |     | amending the U.S. federal securities laws to specify that payment stablecoins are not securities for purposes of those 
 statutes.                                                                                                              |

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. 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