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Stablecoin issuer Circle has reportedly amended its terms and services, reversing a policy that previously banned the use of USDC to purchase firearms.<\/p>\n
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On Nov. 5, the stablecoin firm announced that it would update a clause in its Prohibited Transactions policy that prohibits the use of its USD-backed stablecoin, USDC, to purchase \u201cweapons of any kind.\u201d The change would allow for USDC holders to make transactions using the stablecoin to purchase firearms, upholding the Second Amendment in the U.S constitution.<\/p>\n
On Nov. 6, Senator Cynthia Lummis responded<\/a> to the update, praising the stablecoin giant for allowing legal firearm purchases using USDC (USDC).<\/p>\n \u201cBy aligning its terms of service with existing legal requirements, Circle defends constitutional rights & ensures financial systems can\u2019t be weaponized against law-abiding gun owners,\u201d said Lummis in her post.<\/p>\n In a statement sent to the National Shooting Sports Foundation or NSSF, the company confirmed<\/a> that it would clarify its terms to reflect that USDC could be used to make lawful purchases and sale of firearms as protected under the Second Amendment.<\/p>\n \u201cCircle has always held that to the right of lawful, the use of money should be free. This includes lawful purchases of firearms in the United States, which is a Second Amendment protected right,\u201d stated the firm in its statement to NSSF.<\/p>\n <\/p>\n The Second Amendment is a part of the U.S. Constitution that protects the right of its citizens to keep and bear firearms. The full text declares that \u201ca well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.\u201d<\/p>\n Since October, Circle has received backlash from conservative and gun rights groups. Initially, the Americans for Tax Reform account highlighted the language buried within Circle\u2019s terms prohibiting the use of USDC to buy weapons of any kind.<\/p>\n \u201cYou can\u2019t buy a gun with Dem [Democrat] donor\u2019s stablecoin,\u201d said ATR in its post<\/a>. The organization was alluding to the fact that Circle CEO Jeremy Allaire\u2019s campaign donations have largely gone to Democrats, specifically Rep. Jake Auchincloss, who is known to have advocated for gun control-related legislation.<\/p>\n The NSSF responded to the post by stating<\/a> that Circle\u2019s terms and conditions pose a threat to Second Amendment rights in the U.S.<\/p>\n \u201cStablecoin issuer Circle prohibits legal firearm and ammunition purchases, while its CEO backs gun control advocates in Congress,\u201d wrote NSSF.<\/p>\n After the rule was reversed, the NSSD published<\/a> an article highlighting the stablecoin issuer\u2019s latest move, stating \u201cFreedom can\u2019t survive if your payment tools work against you.<\/p>\nWhat transactions are prohibited under Circle\u2019s terms?<\/h2>\n