Circle Seeks Zero SEC Staff Haircut for GENIUS Act-Compliant Payment Stablecoins

Circle Internet Group is asking the Securities and Exchange Commission to eliminate a 2% staff capital haircut for payment stablecoins that comply with the GENIUS Act, subject to objective safeguards. Circle, the issuer of USD Coin (USDC), submitted the request in a comment letter dated Oct. 20 and disclosed it Oct. 28. The letter came on the comment deadline for the SEC’s proposed Regulation Crypto Assets, which remains at the proposal stage.