Circle’s position supports the Kin Foundation’s claim that it should stop using the laws of the 20th century to supervise 21st century technology.

The point-to-point payment company Circle said today on Twitter: "Circle has been calling for the clarity of regulation to promote the development of encryption technology in the United States. Fortunately, in this fight, we are not alone. Circle and Poloniex support And appreciate the Kin Foundation's efforts to protect encryption technology. As Fred Wilson pointed out, we are at a critical moment in the industry, the United States has the risk of being left behind, and entrepreneurs should not be forced to innovate elsewhere. Legislators The 20th-century law should be stopped from being applied to technologies created in the 21st century.” Previously, the Kin Foundation was launching a campaign to require a new Howey Test on cryptocurrencies to better serve the encryption field. Supervision. The Foundation has now set aside $5 million with Coinbase for the campaign to take legal action and appeal to others to contribute to the fund.