Cryptocurrencies
Circle Wants to Become Chartered Crypto Bank Amid Crackdown
- Stablecoin issuer aims to give regulators more control
- CEO expresses intentions amid uncertain regulatory climate
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Circle Internet Financial, the second-biggest stablecoin issuer, is looking to give U.S. regulators even more oversight of its cryptocurrency business as executives at Tether, its larger rival, are said to be facing a criminal probe by U.S. prosecutors.
Circle has set a goal of becoming the first full-service U.S. federally-chartered crypto bank as the skyrocketing value of cryptocurrencies has prompted regulatory concerns of a bubble, which could cause an exodus akin to a run on the banks.