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. The proposed regulation would create exemptions for certain crypto-asset investment-contract offerings: one covering up to $5 million over four years, and another covering up to $75 million in each 12-month period. Permitted payment stablecoins already count toward those limits.

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