Circle Internet Financial has expressed its commitment to responsible regulation of digital assets in its response to the UK's HM Treasury consultation on applying the Financial Market Infrastructure Special Administration Regime (FMI SAR) to systemic digital settlement asset firms, including stablecoins. Circle advocates for the establishment of a bespoke regulatory framework tailored to these firms, emphasizing the need for clear criteria to determine their "systemic" status. Circle questions the suitability of the FMI SAR for digital settlement assets, given the existing UK payment and e-money administration regimes, and highlights differences between blockchain-based and traditional payment systems. The company suggests that a new supervisory framework is necessary to address the unique characteristics and risks of digital settlement asset firms, aiming for a regulatory approach that acknowledges their diversity and operational distinctions from traditional financial market infrastructures.