Circle Urges SEC to Protect Permissionless Institutional Networks

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Circle submitted comments to the SEC supporting technology-neutral rules for on-chain capital formation and recommending that it clarify that permissionless institutional networks using permissioned validators may be used to issue, transfer, and settle regulated crypto assets. Circle also recommended aligning the proposed Regulation Crypto Assets with the GENIUS Act, clarifying the use of compliant payment stablecoins in capital formation as well as their accounting and customer reserve treatment, and reducing the 2% haircut for broker-dealers on these stablecoins to zero.