This time, we are talking about cryptocurrency P2P platform Circle, which announced kamerniy to as the Federal banking license in the Office of currency control (OCC), and the license of the brokerage and trading platform in the Commission on securities and exchange Commission (SEC).
Robert bench, chief Executive officer of Circle, in one of the investment rounds which was attended by Goldman Sachs, told Bloomberg that getting a banking license would allow the platform to reduce the number of regulators with which to work:
Full can carry only one conversation. Difficult to 50 conversations at the same time.
Bloomberg reports that the Circle is more likely to focus on obtaining licenses by the SEC, before you can begin to take active steps to obtain a banking license. Registration with the SEC will allow the platform to perform transactions with tokens that are considered securities.
See also – Coinbase is going to get banking license
Jeremy Allair, CEO of Circle, said that Circle is already conducting the procedure for delisting many of the tokens with his cryptocurrency exchange Poloniex, which was not approved by the SEC. Moreover, Allair also said that they can be removed from the platform more tokens, if deemed necessary:
We make our own legal decisions because you are unable to call the SEC and ask: “And this token is considered a security or not?” So it is expected that we will continue to work in this direction, and from our point of view, it is quite reasonable.
Bloomberg reports that the Circle also held preliminary talks with the OCC for Federal Bank license. Allair said that it will allow Circle to hold their reserves directly with the Federal Reserve, as well as to work directly with the banks, which in turn may “increase the work efficiency and significantly reduce costs.”