Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 237

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 237
---
 registered public accounting firm. Payment stablecoins issued by a foreign issuer cannot be traded on U.S. custodial trading platforms unless the foreign payment stablecoin issuer satisfies a safe harbor to be established by the Treasury Secretary or the issuer: (i) complies with lawful orders to seize, freeze, burn or prevent the transfer of outstanding stablecoins; (ii) is subject to a “comparable” non-U.S. regulatory regime; (iii) registers with the OCC and becomes subject to OCC oversight; (iv) holds reserves in U.S. financial institutions sufficient to meet liquidity demands of U.S. customers; and (v) is not domiciled and regulated in certain sanctioned or primary money laundering concern jurisdictions. The GENIUS Act prohibits foreign payment stablecoins from being treated as a cash equivalent and from being used in certain derivatives applications and in bank to bank transfers. 144

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

Current principal U.S. federal and state regulatory regimes

Circle is subject to a number of U.S. federal and state regulatory regimes. Some of these will cease to apply to Circle once the GENIUS Act is effective,
though several will continue to apply to Circle even after that time.

Money transmitter and money services laws

We remain subject to licensing and registration requirements in relation to our money transmission and stored value issuance activities (including the
transmission of monetary value in the form of digital assets) on a state-by-state and federal basis in the United States. At the state level, we hold, through our subsidiary Circle Internet Financial, LLC, MTLs or their equivalent in 46 states, as
well as in the District of Columbia and Puerto Rico, where such licenses are required. Our activities in California, Wyoming, and Hawaii currently do not require MTLs, and Montana does not license money transmitters. MTLs generally permit Circle
Internet Financial, LLC to issue payments instruments and means of stored value. At the federal level, Circle Internet Financial, LLC is also registered as a “Money Services Business” with FinCEN, which is required for engaging as a
business in money transmission services. These licenses and registrations subject us to, among other things, recordkeeping and reporting requirements; capital and bonding requirements; obligations to develop, implement, and maintain risk-based AML
and CFT programs; customer due diligence requirements; limitations on the investment of customer funds, including