In the early days of cryptocurrency, there was a lot of talk about using the technology to bypass institutional banks and finance companies that took a dim view of the firearms industry. As crypto has gone mainstream, though, one major player in the industry is prohibiting the use of its currency to purchase firearms and ammunition.
As Larry Keane of the National Shooting Sports Foundation writes, even as Congress was working on the GENIUS Act, which is meant to build a legal framework for U.S. dollar–backed “stablecoins”, one of the biggest companies in the cryptocurrency arena was crafting a framework for customers that prohibits the use of their product to purchase firearms, ammunition, knives, and “related accessories.”
Circle Internet Group, issuer of the U.S. Dollar Coin (USDC), hid a clause deep in its published terms of service that bans consumers from using USDC to purchase “weapons of any kind, including but not limited to firearms, ammunition, knives, explosives, or related accessories.”
Firearm ownership is a constitutional right. By imposing this blanket prohibition, Circle is effectively inserting its own political views into the marketplace and restricting lawful consumers and businesses from exercising their rights guaranteed under the Second Amendment. This isn’t a question of public safety or financial integrity; it’s a matter of principle. And in this case, those decisions reflect clear political leanings. Circle’s Chief Executive Officer, Jeremy Allaire, is a major donor to Democratic candidates and causes. Federal Election Commission records show that Allaire has contributed thousands of dollars to Democratic state parties and members of Congress, including U.S. Rep. Jake Auchincloss (D-Mass.), a staunch supporter of gun control legislation. While private citizens are entitled to their political opinions, those opinions should not dictate whether Americans can exercise their Second Amendment rights within the digital economy.
Circle Responds
Circle provided NSSF with a statement attempting to clarify their position. It appears to [have] been a rushed statement given the grammatical error in the first sentence. Their statement came shortly after NSSF posted on X about Circle’s policy.
Circle’s response was full of corporate-speak that didn’t actually say much at all… even ignoring the garbled syntax in the first sentence.
Circle 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. As the GENIUS Act comes into force, Circle will work with our partners to ensure that our values continue to be reflected in our Terms. We look forward to working with merchants, banks, and the broader payment system on driving universal acceptance of regulated payment stablecoins in U.S. commerce.
If Circle believes that the “use of money… includes lawful purchases of firearms in the United States,” then why does the company’s terms of service prohibit the use of their cryptocurrency to purchase items protected by the Second Amendment? Keane says it appears that Circle is willing to revisit its policies, but as of today the prohibition remains in place.
Keane notes that stablecoins are becoming a “significant component of modern financial infrastructure,’ and argues that in the digital economy it only takes a handful of corporate executives to essentially decide what products or industries are allowed to exist.
If this is what a private company can do today, imagine the reach of a government-issued Central Bank Digital Currency (CBDC). A digital dollar could enable future administrations to track and restrict transactions nationwide, embedding ideological filters into the monetary system itself.
It’s a Brave New World we’re living in, and Keane’s observation definitely brings out my inner Luddite. I’m not ready to ask my Amish neighbors how to go about converting, but it’s definitely concerning to think about how these digital currencies could be manipulated to restrict our access to Second Amendment-protected products. We’ve already seen the Trump administration move to restrict banks and other financial institutions from blocking the firearms industry from their services, and it sounds like a similar move might be necessary in the world of cryptocurrency (or at least stablecoins) as well.
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