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Circle CEO blames US crypto crackdown for declining USDC market capThe U.S. Securities and Exchange Commission led by Gary Gensler has been on an enforcement spree since the FTX collapse saga. USDC depegged in March, a direct result of the U.S. banking crisis. Circle’s $3.3 billion worth of USDC reserves was stuck with Silicon Valley Bank, which was one of the three crypto-friendly banks shut down by regulators.
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