Circle Pursues Federal Banking License

Circle-Pursues-Federal-BANKING-LICENSE

Circle Internet Financial, the peer-to-peer payment platform, is currently looking to pursue a federal banking license from the Office of the Comptroller of the Currency (OCC) . This reported by Bloomberg on June 6.

COO of Circle, Robert Bench, told Bloomberg that obtaining a banking license would dramatically decrease the amount of regulators that their platform needs in order to operate properly. He states, “it’s easy to have a single conversation, however very difficult to have 50”.

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Circles primary focuses is on SEC regulation, which they intend to take care of before seriously pursuing the banking license. Registration with the SEC will allow circle to both buy and sell tokens as securities.

The CEO of Circle, Jeremy Allaire, recently stated that Circle has already been delisting tokens that don’t conform to SEC regulation from within the Poloniex cryptocurrency exchange. Circle acquired the exchange for $400 million at the end of February. They could end up removing more tokens if they don’t move forward with SEC compliance standards.

Circle also told Bloomberg that having the ability to hold reserves within the Federal Reserve so that they can settle with banks through their own network will likely improve the efficiency of their platform as well as reduce costs.

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