Circle Internet Financial — the company behind the world’s second-largest stablecoin, USD Coin — announced its plans to move its legal base from the Republic of Ireland to the U.S. The shift comes amid tightening cryptocurrency regulations in the U.S., a spokesperson for Circle confirmed on May 14 that the company had filed court paperwork for the move, but the specific reasons were not disclosed.
However, these benefits are being cut due to global tax reforms led by the Organization for Economic Cooperation and Development . Furthermore, moving back to the U.S. could subject Circle to a new U.S. regulatory framework and scrutiny from the Securities and Exchange Commission .
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