- Circle is moving its headquarters to New York City, specifically to 1 World Trade Center, by early 2025.
- Despite criticism and doubts due to the regulatory landscape in the US, CEO Jeremy Allaire believes they are investing in America.
- The move occurs ahead of Circle’s planned Initial Public Offering (IPO), currently under review by the SEC.
Circle, the second-largest stablecoin issuer, is moving its headquarters to New York City, according to Jeremy Allaire, the company’s co-founder and CEO.
In a September 13 post on X, Allaire said the company behind USDC is moving to the heart of Wall Street, setting up shop on one of the top floors of 1 World Trade Center, which he believes is a “historically important landmark in standing for American global economic leadership”.
Related: Circle CEO Says iPhone Users Will Soon Be Able to Use USDC For Payments
The firm expects to have fully moved its global HQ to New York by early 2025, Allaire posted on X:
We are investing in New York. We are investing in America. We believe strongly that the infrastructure we are collectively building – this new internet financial system – will be the foundation for the next hundred years of global economic activity and coordination.
Jeremy Allaire, Circle Navigating the US Regulatory Landscape
The decision comes ahead of Circle’s planned Initial Public Offering (IPO), filed in January 2024. The issuer is waiting for the Securities and Exchange Commission (SEC) to complete its reviewing process.
Shortly after Circle’s executives announced to the world their decision to move the firm to the US, many questions arose regarding the viability of this move. That’s due to the SEC’s behaviour against crypto companies, which many market observers have deemed as hostile and a threat to innovation.
A few weeks ago, the regulatory agency delivered an enforcement warning to OpenSea, alleging that NFTs are securities… with a four-year delay.
However, Allaire disagrees, stating that the US is at a turning point, adding:
I couldn’t disagree more. My view is that we are at a turning point, and that the US is about to become THE decisive leader in building and supporting this technology and financial revolution.
Jeremy Allaire, Circle Related: Over 80 Execs Support Kamala Harris, Including Ripple Co-founder, Donors Urge Firing of Gensler
Circle’s announcement also comes amid a heated political landscape in the US. As the elections are getting closer, crypto becomes an important topic of discussion for both the Democratic and Republican lobbies.
Source:
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