The National Shooting Sports Foundation (NSSF), the firearms industry trade association, is sounding the alarm about a large player in the bitcoin realm creating a system that treats lawful firearm purchases as a prohibited activity.
In a news release distributed on October 20, NSSF explained how Congress recently passed 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. Lawmakers wanted to encourage innovation while protecting consumers and reinforcing America’s leadership in financial technology.
However, according to NSSF, 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.”
“This is not consumer protection; it’s ideological enforcement,” NSSF wrote in the release. “This is the same sort of financial discrimination that NSSF has fought against and is finally seeing changes with the Trump administration. For America’s firearm owners and retailers, Circle’s rules about how their cryptocurrency can be used should sound alarm bells.”
As NSSF explained, 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,” NSSF wrote. “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.”
In fact, 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,” NSSF stated.
After NSSF publicized the anti-gun clause withing Circle’s terms of service, the company released a statement that seemed to indicate company principals were flexible and would remove the firearms portion However, NSSF is admitting at least some skepticism to the statement.
“While it appears that Circle is willing to revisit its policies, as former President Ronald Reagan wisely said, ‘Trust, but verify,’” NSSF concluded. “The firearm industry has seen far too many examples of financial institutions and payment processors quietly introducing ‘risk management’ policies that end up discriminating against lawful firearm businesses and owners. Circle’s statement is encouraging, but words alone are not enough.”