Circle, the issuer of USDC, has reversed its controversial policy banning the use of its stablecoin for firearm purchases due to escalating political pressure and criticism from gun rights groups. Following a report from Americans for Tax Reform that pointed out the ban as a form of “financial discrimination,” the company updated its terms to allow lawful transactions involving firearms, reaffirming its commitment to protecting Second Amendment rights.
This decision highlights the tension between financial institutions and political influence within the rapidly evolving stablecoin market, which has ballooned to a $75 billion market capitalization. The change aligns Circle with the recently enacted GENIUS Act, which establishes a federal framework for stablecoins and addresses concerns over potential biases in financial services, indicating a shifting landscape in the intersection of finance and civil liberties.
Read full story at finance.yahoo.com
