Picture this: A Circle executive, like a character escaped from a Gogol tale, fervently denying rumors swirling like mad spirits at a Moscow tavern. Yes, the claim that Circle, that grand stablecoin impresario, is scheming to wrest a US federal bank charter away from the bureaucratic beast? Pure fiction, he declares with a sardonic smile.
On the fateful day of April 25, via the digital oracles of X, Dante Disparte—the company’s high-ranking sorcerer of strategy and policies global—uttered a solemn denial. No, Circle does not covet the crown of a US bank charter, nor does it fancy an insured depository institution as its prize.
Instead, our wizard explains, Circle’s grand plan is rather pedestrian: to meekly bend knee to the forthcoming US regulatory overlords for payment stablecoins—perhaps registering for some enigmatic federal or state trust charter, or another “nonbank license,” which sounds like a vampire’s birth certificate. He pleads, with the politeness of a guest hoping not to be sent to the Gulag, for lawmakers to offer clarity before the madness becomes irreversible.
These declarations spring forth in the wake of gossip from the shadowy corridors: whispers that the giants of cryptocurrency—Circle, BitGo, Coinbase, Paxos—are all conspiring to brandish bank charters or licenses like badges of honor in the wild West of finance.
The rumored plot thickens
CryptoMoon, like a faithful reporter with the nose of a Doberman, sniffed out all these players, asking pointed questions. Silence, a Russian specialty, fell from all except Coinbase, which—bless their honesty—admitted it’s eyeing a bank license, probably over some vodka-fueled board meeting.
This isn’t the first time Circle toyed with the bank charter fantasy. Cast your mind back to April 2022, when CEO Jeremy Allaire, that daring dreamer, told Bloomberg he had teased the regulators with talks of a bank charter “hopefully in the near future.” Oh, the suspense!
Curiously, Circle maintained its characteristic enigmatic silence when CryptoMoon sought further words—as if the truth were hidden behind shutters in a gloomy Nevsky Prospect apartment.
Adding weight to this farce, remember Paxos? The US Office of the Comptroller of the Currency granted them a tentative nod for a bank charter back in 2021—as if handing out RSVP cards for a grand ball no one is quite sure they want to attend.
The evolving circus of US stablecoin regulation
Meanwhile, the US regulatory jugglers keep tossing flaming torches in the air, trying to master the art of stablecoin governance. The House Financial Services Committee recently rolled out the red carpet for a Republican-backed Stablecoin framework bill so charmingly named the STABLE Act.
In another tent of this political circus, a rival act unfolds: the GENIUS Act, promising a more flexible dance between federal and state rules. Born first and with the Senate Banking Committee applause from March, GENIUS offers a different melody—perhaps less Mozart, more ragtime.
The STABLE Act insists on an iron grip of federal control, no doubt hoping to tame this crypto beast. While GENIUS pulls out the jazz hands, allowing both federal and state spectacle.
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2025-04-25 16:00