Company: CRCL
Filing Date: 2025-04-01
Form Type: S-1
Source: 0001193125-25-070481
Chunk: 221

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-01
Form: S-1
Chunk 221
---
ptroller 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;                                        |

154

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

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

In the U.S. House of Representatives, the Stablecoin Transparency and Accountability for a Better Ledger Economy Act of 2025 (STABLE Act of 2025) was recently introduced, establishing a comprehensive regulatory framework for stablecoin issuers, including strict reserve requirements and federal oversight, to enhance consumer protection and financial stability. 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 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