Circle Updates Terms of Service to Allow ‘Legal’ Firearm Purchases With USDC

Circle has revised its terms of service to allow the use of its USDC stablecoin for firearms purchases, marking a significant shift in its policy. This update follows pressure from gun rights advocates and comments from industry representatives, who criticized previous prohibitions as discriminatory. Circle stated that it will permit transactions involving firearms as long as they are legally compliant. The move was celebrated by Republican senators, who argued it protects Second Amendment rights and prevents financial discrimination. However, experts warn that this incident reveals how centralized stablecoin issuers are vulnerable to political pressures and domestic agendas, leading to concerns about potential censorship and surveillance of users in the firearms industry. Circle's policy reversal may reflect broader tensions in the regulatory landscape for cryptocurrencies and stablecoins, where the influence of legislation and political considerations can significantly affect operational policies.

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