16. February 2023 By admin Off

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• U.S. regulators have recently taken enforcement actions against various crypto firms, including Kraken and Paxos.
• Rumors of SEC issuing a Wells Notice to Circle, the issuer of USDC stablecoin, caused panic in the industry.
• Dante Dispaerte from Circle denied receiving any Wells Notice from the SEC and journalist Eleanor Terrett apologized for her wrong post about it.

Recent Regulation Tension In The Crypto Industry

The recent regulatory tension in the crypto industry has caused fear, doubt, and uncertainty (FUD) among investors. U.S. regulators have taken enforcement actions against some crypto firms such as Kraken which was fined and had its staking program halted by the Securities and Exchange Commission (SEC). Additionally, both New York Department of Financial Services (NYDFS) and SEC were on Paxos, which is the issuer of Binance USD stablecoin.

Rumors Of Enforcement Action On Other Stablecoins And Their Issuers

Rumors began to circulate that USDC might be the latest target of the SEC’s enforcement action with some fingers pointing at its issuer Circle. This caused panic in the industry which led to people selling off all their USDC tokens due to these rumors.

Circle Counters Rumors Of Wells Notice From The SEC

On February 15th, Dante DiPaerte, who is Chief Strategy Officer and Head of Global Policy at CirclePay debunked these rumors by stating that Circle had not received a Wells Notice from the regulator which usually discloses its intended legal action against a company leaving it more time to prepare a response.

Journalist Apologizes For Wrong Post About It

Journalist Eleanor Terrett also took to Twitter to apologize for her wrong post concerning circle claiming that she made an error while trying to set things right with an open apology. Even though she admitted her mistake there is still FUD spreading around this issue due to reactions circulating around this topic on social media platforms like Twitter where one user reported selling off all his USDC tokens due to these rumors circulating around them.

Total USDC Market Cap Rest At $41 Million

Despite all this drama happening around USDC stablecoin its total market cap still rests at $41 million according to Tradingview data showing that investors are still confident in this asset despite all this confusion happening around it .