Rich by Coin

Circle described asset freezing as a compliance obligation rather than a discretionary power.
Disparte said the USDC freezing is because the law requires formal procedures to intervene.
Circle was asleep while millions of USDC were swapped via CCTP from Solana to Ethereum for hours during US hours in the wake of the nine-figure Drift hack.
The investigator noted that hundreds of millions of USDC crossed chains from Solana to Ethereum via CCTP during U.S. hours with no intervention.

Disparte also acknowledged the crypto industry’s uneasy balance between rapid responses and protections for holders.
He argued that a framework to shield holders from discretionary moves can slow rapid responses.
Recent events are a reminder that trust in digital assets depends on security, accountability, and the rule of law across the ecosystem.
Circle is a regulated company that complies with sanctions, law enforcement orders, and court-mandated requirements.

Today, I published a piece in the FT urging the UK to claim a second mover advantage in regulating stablecoins and crypto.
Borrowing the best of Europe’s MiCA and the U.S. GENIUS Act (and upcoming Clarity Act) can create a common harmonized market.
Circle described asset freezing as a compliance obligation rather than a discretionary power, addressing questions about recent actions.
In statements, Dante Disparte acknowledged the crypto industry’s uneasy balance between rapid responses and protections for holders.

The discourse centers on the Drift hack and the overnight movement of USDC via CCTP from Solana to Ethereum during U.S. hours.
An investigator noted that hundreds of millions of USDC crossed chains with no intervention during the same time window.
Disparte also acknowledged the industry’s tense relations, arguing that a framework designed to shield holders from discretionary moves can slow rapid responses.
Recent events are a reminder that trust in digital assets depends on security, accountability, and the rule of law across the ecosystem.

Circle maintains it is a regulated company that complies with sanctions, law enforcement orders, and court-mandated requirements, freezing assets when required.
The company also highlighted ongoing regulatory dialogue, including calls for UK leadership in stablecoins and crypto regulation.
Disparte’s FT piece urged adopting a second-mover advantage in regulation, drawing on Europe’s MiCA and the U.S. GENIUS Act (with the Clarity Act anticipated) to foster a harmonized market.