BlockBeats reports that on November 6th, stablecoin issuer Circle updated its terms of service to allow the use of USDC for “legal” firearm purchases. A Circle spokesperson stated, “Circle has clarified the terms to reflect that USDC can be used for lawful firearm purchases and sales protected under the Second Amendment. We have not, and will not in the future, refuse USDC for legitimate transactions involving firearms. If your financial tools are used to oppose your Second Amendment rights, freedom cannot survive.”
This policy update was prompted by a report from the Americans for Tax Reform, which highlighted that Circle prohibits USDC transactions involving “any kind of weapon, including firearms, ammunition, knives, or explosives.” The report questioned whether private companies should decide what legal purchases consumers can make and suggested that Circle may have political biases. It also pointed out that Circle CEO Jeremy Allaire had previously donated to Congressman Jake Auchincloss (D-MA), who supports gun control legislation.
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