An executive at Major Stablecoin Issuer Circle has refused recent reports that the company is looking to get a US Federal Bank Charter.
In an April 25 X post, chief Circle’s chief strategy official and head of global policy, Dante Dante, refused that the company was interested in obtaining a federal US charter or obtaining an insured deposit institution.
Instead, he explained that the Circle intends to comply with future US regulatory requirements for payment stablecoins, “which may require registration for a federal or state of confidence of the state or other License.” He also urged lawmakers to reach the clarity of regulation for stablecoins earlier than the latter.
The statement complies with recent reports that major cryptocurrency companies, including Stablecoin Issuer Circle and Crypto Custodian bitgo, are rEPORTLY CONSIDERED -PRODUCTION FOR APPLICATION FOR BANKS CHARTERS or licenses. Other companies mentioned as looking for such a license in the same report include the US -exchanged public -based Coinbase Crypto exchange and the Stablecoin Issuer Paxos.
Related: Eurc of the Circle grows as the trade war pushes Euro higher – analyst
The report is not completely baseless
Cointelegraph reaches all of the companies mentioned in the report, requesting confirmation or denial. All companies except one have refused the request for comment, with the Coinbase confirming rather than it is current Considering -This is such a license.
These are also not the first Circle reports interested in a US bank charter. In April 2022, CEO CEO Jeremy Allaire Says In an interview with Bloomberg that the firm was in discussions with regulators as part of its efforts to apply for a bank charter who was “hopefully in the near future.”
The Circle did not respond to Cointelegraph’s request for further comment as a time of publication.
Another previous report that helps to promote the credentials of claiming is the US Comptroller’s office A preliminary, approved condition For a US bank charter in Paxos in 2021.
Related: Circle denotes IPO delay in the midst of economic uncertainty – report
US Stablecoin regulation is emerging
The news came as US regulators were working to change how stablecoins were controlled in the country. The service committee in financial US house Passed a Bill Backed Republican Stablecoin Framework Bill Earlier this month.
The bill that is being discussed is Stablecoin’s transparency and liability for a better Ledger (stable) economic gesture. Another bill that is currently moving through the US legislative process is the guide and establishment of the National Innovation for US Stablecoins (Genius) Act.
The Bill and genius measures are different in how they regulate The Stablecoin industry, along with the former emphasizes strict federal administration and the latter is more flexible, allowing both federal and state rules. The Genius Act Bill was introduced first and The US Senate Banking Committee passed in mid -March.
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