There have been recent positive movements by major financial institutions, both old and new, away from previously held corporate policies that discriminated against the lawful exercise of Second Amendment rights. NSSF is proud to have played a role in delivering those welcomed and necessary changes.
A few weeks ago, Silencer Central CEO Brandon Maddox (an NSSF board member) posted a video update about some of the issues facing the company and spoke of J.P. Morgan Chase Wealth Management’s open financial discrimination against his firearm industry business. NSSF spotlighted the unwise actions by the banking behemoth and shortly after, they did an about-face, reached out to Maddox and have promised to work with him. That’s a positive change, worthy of praise. But NSSF always takes a “trust, but verify” approach and we’ll be sure to keep watching.
Now, a new financial player originally held discriminatory views towards lawful firearm ownership and commerce, telling its customers what it can and cannot legally purchase with their own money. NSSF again stepped in and there seems to have been yet another positive development.
Circling Back
A few short weeks ago, Circle Internet Group, issuer of the U.S. Dollar Coin stablecoin, had a clause hidden deep in its published terms of service that banned consumers from using their own USDCs to purchase “weapons of any kind, including but not limited to firearms, ammunition, knives, explosives, or related accessories.”
This type of blatant financial discrimination isn’t in the least related to public safety, but more so an ideological anti-gun political posture that penalizes law-abiding Americans. It’s also directly contrary to President Donald J. Trump’s executive order guaranteeing free and fair banking for all americans.
In addition to the president’s executive order, Congress acted recently to provide the backing from the Legislative Branch related to cryptocurrency companies, too. Congress passed, and the president signed into law, the GENIUS Act, a measure designed to bring stability and accountability to the digital asset market by providing a legal framework for U.S. dollar–backed stablecoins, like Circle’s. Lawmakers wanted to encourage innovation while protecting consumers and reinforcing America’s leadership in financial technology.
Once Circle’s policy of discrimination was raised in the public eye, including in a column from Americans for Tax Reform’s Grover Norquist and buoyed and magnified by NSSF efforts, the stablecoin issuer began to backtrack.
“Circle has always held that to the right of lawful, the use of money should be free. This includes lawful purchases of firearms, with is a Second Amendment protected right,” a Circle statement said. “As the GENIUS Act comes into force, Circle will work with our partners to ensure our values are reflected in our Terms.”
It seemed like the firearm industry got Circle’s attention.
A New and Welcomed Stance
Circle followed through on its pledge to “work with merchants, banks, and the broader payment system,” and has updated its terms of service appropriately. NSSF received their word on the changes.
Circle has clarified our Terms to reflect that USDC may be used for the lawful purchase and sale of firearms, as protected under the Second Amendment,” an updated statement said that was emailed to NSSF by a Circle representative. “We have not and will not deny the use of USDC for legally permissible transactions involving firearms. Therefore, we have now made explicit in our Terms that which has always been implicit in their implementation.
NSSF appreciates the quick turnaround from Circle to state publicly and unequivocally that the company doesn’t discriminate against lawful firearm commerce. This is especially welcomed news coming from a member of an industry — cryptocurrency — that experienced the same discrimination that the firearm industry has also experienced for decades, under both former President’s Joe Biden and Barack Obama.
Keeping Watch
As NSSF has recognized, stablecoins like USDC are emerging as a significant component of the modern financial infrastructure. As digital payments evolve, decisions made by a handful of corporate executives — often buried in fine print — could soon determine which products or industries are allowed to exist in the digital economy.
Every American should be free to spend their lawfully earned money on legal products using the payment methods of their choice. Whether through bank regulators, payment processors or crypto platforms, Americans must remain vigilant against efforts to choke off lawful commerce under the guise of “risk management” or “reputational risk.”
NSSF will continue to monitor Circle’s actions closely. We’ll “trust, but verify.” The company’s willingness to revisit its policies so quickly is welcome. Freedom can’t survive if your financial tools are turned against you and your Second Amendment rights.
Larry Keane is SVP for Government and Public Affairs, Assistant Secretary and General Counsel of the National Shooting Sports Foundation.
“NSSF appreciates the quick turnaround from Circle to state publicly and unequivocally that the company doesn’t discriminate against lawful firearm commerce.”
They didn’t say that exactly. Notice the very careful wording “as protected under the Second Amendment,” which can be interpreted as excluding things such as, for example, standard capacity magazine and optics.
Anti-gun play this ‘we support the second amendment’ game all the time while they continually go after trying to get rid of the second amendment in some aspect and eventually the whole thing.
So when an organization like a ‘financial thing goes ‘we bad, what we wrote very exactly and intentionally to keep you from exercising the 2A with your own money was, well, we didn’t really mean it” when they get caught at it tells me where their true mindset is at and its not genuinely supporting the 2A.
“Circle will work with our partners to ensure our values are reflected in our Terms.”
There in lies a problem. Its not their money, you got it with your money and that makes it your ‘money’. Their ‘terms’ and ‘values’ should not be determining. or interactive with, what you do with your money. Why is the firearms industry so eager to buy into the ‘digital currency’ thing? Its not run by any entity accountable to the people, they can impose their terms and values on how you can spend your money at any time, and its only a click away from locking you out of using your money to purchase things they may not agree with even though legal if they decide to do it. Its an anti-gun/anti-2A agenda vehicle waiting to happen with a mouse click.
Talk is cheap for even the governor of California said he supported the 2A! You know whom I am talking about.