Company: CRCL
Filing Date: 2025-05-27
Form Type: S-1/A
Source: 0001193125-25-126208
Chunk: 234

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-27
Form: S-1/A
Chunk 234
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 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 term. For example, the U.S. Senate Committee on Banking, Housing, and Urban Affairs recently voted to advance the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (GENIUS Act of 2025),
and the U.S. House Financial Services Committee also recently voted to advance the Stablecoin

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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: