Bank of America Launches Research for Digital Assets

The recent regulatory filings by Circle have revealed that the Stablecoins-focused company has been under investigation by the United States Security and Exchange Commission (SEC) for the last 3 months.

According to the filing made on October 4, the stated that it had received an “investigative subpoena” from the Gary Gensler-led commission which requested that it presented documents and information about its operations, holdings etc. The company went on to reveal that it had been complying with the request of the foremost financial regulator.

“We received an investigative subpoena from the SEC Enforcement Division requesting documents and information regarding certain of our holdings, customer programs, and operations. We are cooperating fully with their investigation,” the filing reads in part.

Notably, the company had revealed this in an earlier regulatory filing in August but it had gone unnoticed. With it being repeated again, it means the firm is still being investigated by the authorities.

While the reason for the SEC investigation remains blurry, it might be tied to the announcement by Circle of going public through a special purpose acquisition company (SPAC) which would raise its valuation to $4.5 billion.

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