In what could be a major victory for stablecoin issuance and regulation in the US, the Securities and Exchange Commission (SEC) has decided to drop its investigation into Paxos, providing a major boost to the stablecoin sector.
According to a Fortune report on the matter, the decision was communicated to Paxos by Jorge Tenreiro, acting chief of the SEC’s crypto assets unit, and comes more than a year after the regulator sent a Wells notice to the New York-based institution, indicating a possible enforcement action over the Binance USD, or commonly known as BUSD, stablecoin, which Paxos developed in partnership with Binance.
Paxos Emerges From Year-Long Wells Notice Shadow
Per the report, Walter Hessert, Paxos’ head of strategy, expressed relief at the termination of the investigation, stating that it aligns with their expectations and brings much-needed certainty to the market.
Paxos initially launched BUSD in partnership with Binance in September 2019. While BUSD
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