USDC Company Circle Under Investigation By SEC – October 5

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $50,134

Bitcoin price has broken back above $50,000 for the first time since early September, as price continues a strong recovery from $40,000.

Top-20 altcoins are looking healthy, as Ethereum and Cardano each gain 3%, Dogecoin rallies 10% and Internet Computer rises 13%.

Top Stories for October 5, 2021 πŸ”₯

πŸ‘‰ USDC Company Circle Under Investigation By SEC

Circle, the company behind the stablecoin USD Coin (USDC), is currently under investigation by the US Securities and Exchange Commission (SEC).

According to reports, the company first received a subpoena from the SEC in July of this year. It requested documents and information regarding the company’s holdings, operations and customer programs.

At the time the subpoena was received, only 61% of USDC’s backing was in cash or cash equivalents.

πŸ‘‰ Korean Exchange Upbit To Suspend Withdrawals For Unverified Customers

South Korean cryptocurrency exchange Upbit has announced that it will be moving to shut down withdrawals for unverified users, beginning this week.

Upbit published new changes to its user verification processes over the weekend, highlighting compliance with the country’s anti-money laundering regulations.

πŸ‘‰ Bank Of America Begins Digital Asset Coverage

America’s second-largest bank, Bank of America, has kick-started coverage of digital assets research, citing the sector as “too large to ignore”.

The move comes just three months after the bank put together a cryptocurrency research group. NFTs, central bank digital currencies (CBDCs) and DApps were all acknowledged in the press release.