• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
Uzbekistan Bans Cryptocurrency Purchases

Goldman-Sachs Backed Circle Blames ‘Restrictive’ US Laws for Layoffs

Christina Comben
by Christina Comben
6 years ago
·
Posted in Bitcoin Regulation, Altcoins, Bitcoin, Bitcoin Businesses, Companies, News, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin and crypto are rising, but Goldman Sachs-backed Circle laid off 10 percent of its workforce blaming a ‘restrictive’ regulatory climate. But is that just a smokescreen to mask Circle’s dwindling user base?


SEC Bullish on Bitcoin, Bearish on Alts

OK, so we may not call the SEC exactly ‘bullish’ on Bitcoin. In fact, quietly cautious at best, downright suspicious at worst.

But at least the regulatory body has it clear that Bitcoin is not a security. It’s even considering Bitcoin ETF proposals, albeit at a glacially slow pace.

Goldman Sachs logo

The same cannot be said for the majority of ICOs. While there are rumors of change on the horizon, it appears that for now, they are just rumors. The SEC has always maintained that most ICOs are securities but has taken little action thus far for fear of stifling innovation.

However, last week, Circle-owned Poloniex delisted nine crypto tokens for its U.S. customers. Circle’s decision to downsize comes hot on the heels of that, sparking rumors that this may be the beginning of the end the company.

"It’s highly unlikely that any of us will be using Bitcoin in five or ten years."
-Jeremy Allaire, CEO of Circle, 2016

"It's highly unlikely that any of us will be using Circle in five or ten years."
-me, CEO of my Twitter, today https://t.co/4zarMWqEbC

— Stephen Cole (@sthenc) May 22, 2019

Circle Adapts to ‘New Market Conditions’

As Bitcoin price [coin_price] makes parabolic gains in under a month with most of the alts not far behind, many analysts have confirmed the new bull market. However, if Poloniex and Circle are any indication, it seems that the bull run for some may be over sooner than they hoped.

SEC EtherDelta securities

As Circle becomes the first major cryptocurrency company in the U.S. (backed by a major U.S. bank) to reduce its workforce supposedly due to the aggressive stance of the SEC; is it certain that more will soon follow?

After all, the peer-to-peer payment company managed to survive the bear market without laying off staff. Now, as institutions are entering the market, mass adoption begins to be more than just a buzzword, and prices are starting to soar, it seems rather unfortunate timing.

Is Circle Using Crypto Regulation As a Smokescreen?

When you look at the demise of Poloniex since the Circle acquisition, could the recent delisting and downsizing be due to greater problems afoot? After all, does anyone actually know anyone who uses Circle?

Remember Poloniex?
Circle bought Poloniex for $400 million. This was the perfect exit for the owners. Volume was already down. They had huge verification and customer support backlogs combined with some stability issues.
Now it is completely insignificant.https://t.co/XNfZIzD2Rl

— WhalePanda (@WhalePanda) May 21, 2019

Head to the English version of their “About Us” page (other language pages generate a 404 error message) and you’ll see:

Circle was founded in 2013 on the belief that open crypto technologies would replace the world’s closed, proprietary financial systems allowing everyone, everywhere to participate in an economy that’s more fair, more inclusive and more accessible.

Yet, instead, they added the friction of regulated crypto on-ramps and are now dealing with a dwindling user base. Oh, and their stablecoin isn’t winning any popularity contests.

Moreover, for such an awesome domain name–circle dot com–its traffic is painfully limp. Looks like users are driving away from its site in droves, in fact.

Circle Alexa Rank

As Square becomes the number one finance app in the Appstore with the slogan “spend cash, buy bitcoin,” could it be that Jack Dorsey’s company Square is simply running circles around Circle? Is this more a question of geometry than regulation?

https://twitter.com/misir_mahmudov/status/1130942795429175296?s=12

Will ‘Restrictive’ Laws Send More Innovation Offshore?

Allaire assured his followers that Circle is still very much in the game, but that the company is being squeezed by U.S. policy:

Circle remains strong and healthy, and we will continue to drive new product innovation and growth globally, working with jurisdictions that offer forward-looking policies regulating digital asset businesses, while we press for more balanced crypto policy in the U.S.

There is talk of passing a Token Taxonomy Act in the U.S. to exempt most tokens from the ‘securities’ bucket. But according to Allaire, the SEC remains as stubborn as a dog with a bone. And if he’s right, it could be playing a dangerous game. As other countries aim to foster cryptocurrency innovation, the U.S. is increasingly sending it offshore.

If the SEC doesn’t have a 180-turnaround on its stance toward cryptocurrency, companies like Circle may continue to feel the pinch. (Unless they have a better user experience, value proposition, and geometric shape, it would seem). 

Are U.S. regulations restrictive to crypto startups? Share your thoughts below!


Images via Shutterstock

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christina Comben

Christina Comben

Follow

Full Profile

Related Posts

Crypto Gamble Wipes Out 87% Of Smart Digital Group’s Market Value

Crypto Gamble Wipes Out 87% Of Smart Digital Group’s Market Value

5 hours ago
Bitcoin

Bitcoin Negative Divergence Hints At Imminent Selling Pressure—Is ‘Uptober’ Under Threat?

7 hours ago
Bitcoin

Fed Chair Choice May Be Bitcoin’s Biggest Bull Trigger, CEO Says

19 hours ago
India

India Cracks Down: Stricter Rules To Combat Rising Digital Payments Fraud

1 day ago
Philippines

Philippines Authorities Move To Put Key Public Records On Blockchain After Mass Protests

2 days ago
FOMO Fuels BNB Surge, But Analyst Warns Of Short-Term Fragility

FOMO Fuels BNB Surge, But Analyst Warns Of Short-Term Fragility

2 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • 上線倒計時:僅剩25天可搶購 Snorter Bot 代幣

    2 days ago
  • 加密錢包掀起發幣熱潮 Best Wallet...

    4 days ago
  • Bitcoin Hyper

    ChatGPT предсказва следващата 1000x...

    5 days ago
  • Snorter надхвърли $4 милиона след...

    6 days ago
  • Experience the Next Chapter of Pickleball with the $PKL Token Presale.

    Experience the Next Chapter of Pickleball with the $PKL...

    1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.