Circle Internet Financial, the backer of the USDC stablecoin, received a subpoena in July from the U.S. Securities and Exchange Commission, according to a filing Monday.

The disclosure was made as part of a filing about Circle’s planned merger with the special purpose acquisition company, Concord Acquisition Corp., a deal announced in July valued at $4.5 billion. Circle Chief Executive Officer Jeremy Allaire has previously called for more clarity around digital-asset regulation.

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In July “we received an investigative subpoena from the SEC Enforcement Division requesting documents and information regarding certain of our holdings, customer programs, and operations. We are cooperating fully with their investigation,” the filing said.

“Circle is cooperating in an ongoing SEC investigation,” a Circle spokesperson said via email, adding that the subpoena was a continuation of one in July that had been disclosed in an August filing. Circle can’t comment on the details of an open investigation, the spokesperson said.

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