Cryptocurrency USDC issuer Circle Inc. sent a letter to lawmakers saying it was not involved in terrorist financing.

We reject CfA’s claims.
Circle, Inc., which offers the US dollar stablecoin USDC, submitted an open letter to Senator Sherrod Brown and others. He denied any involvement in financing with the Islamic organization Hamas or with Justin Sun, the founder of the cryptocurrency Tron (TRX).
This refutes the claims of the American non-profit organization CfA (Campaign for Accountability).
CfA sent a letter to Representative Brown and Senator Elizabeth Warren on November 9, alleging that cryptocurrency companies such as Circle may be involved in terrorist financing.
The background is that in July 2023, Israeli authorities issued an order to seize the assets of the terrorist organization Palestinian Islamic Jihad, and at that time, about 13.7 billion yen was confiscated from three stocks: Circle Inc., USDC, TRX, and USDT. It is said that they have confirmed a wallet holding more than ($93 million).
It was also pointed out that Tron founder Sun was indicted by the U.S. Securities and Exchange Commission (SEC) on charges of selling unregistered securities and wash trading. Nonetheless, Circle said it continues to maintain a business relationship with Sun.

What is a wash sale?
A transaction that is not intended to transfer rights, such as when the same person places an order to buy or sell the same asset for the purpose of soliciting a transaction.
Cryptocurrency Glossary

Connection: U.S. SEC issues subpoenas to Justin Sun and others
Connection: Circle Inc. has partnered with Taiwan’s FamilyMart to convert points earned at convenience stores into virtual currency.
Points from Circle Inc.
Circle said CfA’s claims were riddled with errors, omissions and misleading information.
Of the $93 million identified by the Israeli government, only $160 was transferred in USDC, and none of it was obtained by Circle, according to publicly available blockchain records. It is pointed out that it is showing.
The group accused CfA of citing unsubstantiated social media posts linking Circle to Hamas and Hezbollah funding, without corroboration or verification.
Additionally, while the U.S. government has not currently designated Mr. Sun as subject to sanctions, as of February 2023, Circle has confirmed that all assets owned by Mr. Sun and its affiliates, including the Tron Foundation and Huobi Global, are subject to sanctions. sanctions. He also explained that his account has been suspended.
He also commented on the state of compliance:

As a highly regulated financial services company, we invest significant resources in ensuring compliance with rules and regulations.
We are subject to the supervision of the Ohio Department of Commerce, the Department of Financial Institutions’ Transmission Authority, and the Massachusetts Department of Banking’s Foreign Funds Transfer Agency, and hold virtual currency and funds transfer licenses issued by the New York Department of Financial Services, and 45 other U.S. jurisdictions. doing it

He added that the company has many employees who have worked for the U.S. Department of Justice and other agencies.
Neither Rep. Brown nor Warren, who received letters from CfA and Circle, have so far issued an official response.
Warren is known to be skeptical of cryptocurrencies, and claimed in October that Hamas had received large cryptocurrency donations to finance attacks against Israel. Elliptic, a blockchain data analysis company, refuted this, saying, “There is no evidence.”
Related: “There is no evidence of large-scale cryptocurrency donations to Hamas” = Data analysis company Elliptic
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