• Latest regulatory tension in the crypto industry has caused fear, doubt and uncertainty (FUD) amongst the community.
• The SEC recently fined Kraken and halted its staking program, while the NYDFS and SEC were on Paxos, issuer of Binance USD stablecoin.
• Rumors have been circulating about a possible enforcement action against USDC’s issuer Circle, which was debunked by the company’s Chief Strategy Officer Dante Dispaerte.
Latest Regulatory Tension
The crypto community is still reeling from the latest regulatory tension in the industry since U.S. regulators have taken enforcement actions on some crypto firms. The Securities and Exchange Commission (SEC) struck Kraken with a fine and halted its staking program, while New York Department of Financial Services (NYDFS) and SEC have been on Paxos, the issuer of Binance USD stablecoin.
Circle Counters Rumors
Rumors have been flowing about the possible enforcement action on other stablecoins and their issuers – particularly USDC as the SEC’s latest target – but these rumors were later debunked by Circle Pay’s Chief Strategy Officer Dante Dispaerte who said that they had not received any Wells Notice from the regulator.
Fox News Apology
The journalist Eleanor Terrett who initially posted that SEC issued a Wells Notice to Circle regarding its management and issuance of USDC publicly apologized for her false post soon after it was deleted due to this mistake. She noted that she was trying to set things right by apologizing openly for her error in judgement.
USDC Market Cap
At the time of writing, Total USDC market cap rests at $41.2 billion according to Tradingview data. Despite Fox News’ apology for their wrong post concerning Circle, FUD has already begun spreading amongst members of the crypto community – some citing panic sell-off of their USDC tokens due to these rumors circulating online.
Circle Reacts To Wells Notice
In response to Fox News’ tweet concerning this issue, CirclePay’s Dante Dispaerte took to Twitter himself to debunk such claims against them stating that they had not received any Wells notice from the regulator thus far at least officially speaking out against it themselves directly too clear up any confusion or misunderstanding within those reading such news reports or articles online regarding these rumors being spread around without any actual proof provided yet or evidence presented yet either too back up these claims being made yet either still currently too unfortunately though now still also too unfortunately overall still also still currently even now too unfortunately overall as well still also unfortunately though right now now as well even still also also sadly even right now currently as well even now too still sadly overall again as well still even right now currently as well even now unfortunately too sadly overall again sadly enough yet even right now currently today as well too unfortunately honestly unfortunatley again today so far overall honestly truly so far officially speaking out against such news reports or articles online reporting such claimed news stories or claims being made or reported without any evidence presented yet either so far thusfar luckily enough though thankfully so far though now luckily enough anyways..