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Watchdog group doubles down on Circle-Tron money laundering claims

Press Releases Crypto News Cointelegraph Watchdog group doubles down on Circle-Tron money laundering claims

Nonprofit ethics group Campaign for Accountability (CfA) has doubled down on its money laundering claims against Circle, publishing a new open letter on Dec. 14 claiming that the USD Coin (USDC) issuer is facilitating the funding of terrorist organizations.

NEW: This morning, CfA sent a letter to @SenSherrodBrown and @SenWarren highlighting incomplete & misleading information shared by stablecoin-issuer Circle in response to previous concerns that CfA raised about its operations.https://t.co/88urQqriKF

— Campaign for Accountability (@Accountable_Org) December 14, 2023

The CfA originally made these claims on Nov. 9 in a letter to United States Senators Elizabeth Warren and Sherrod Brown. Circle responded to the claims on Nov. 11, claiming the allegations were based on uncorroborated, unverified social media posts.

The new letter was also addressed to the two U.S. senators and was signed by CfA executive director Michelle Kuppersmith. In the new letter, Kuppersmith took aim at Circle’s Cross Chain Transfer Protocol (CCTP), a blockchain protocol that allows users to transfer USDC between multiple networks, including Tron.

“Circle’s recent employment of its Cross-Chain Transfer Protocol may be used to facilitate what appears to be the fastest growing vehicle for illicit finance in the digital asset space,” the letter stated. It claimed that facilitating transfers to Tron is problematic because the network “has been named in multiple law enforcement actions involving billions of dollars in transactions by alleged organized crime groups and sanctioned entities.” Tron founder Justin Sun Go to Source to See Full Article
Author: Tom Blackstone

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