The U.S. Securities and Exchange Commission has formally ended its inquiry into PayPal’s dollar-backed stablecoin, PYUSD, opting not to pursue enforcement action, according to the company’s latest 10-Q filing.
The decision, disclosed in Q1 2025 financials, follows a November 2023 subpoena that had raised industry speculation over whether PYUSD might be treated as an unregistered security.
The closure of the matter removes a potential legal overhang for both PayPal and issuer Paxos, signaling a measured regulatory posture toward at least some stablecoin frameworks.
The scope of the SEC’s subpoena was broad, requesting documents relating to PYUSD activity, but it stopped short of alleging specific violations. The agency’s decision aligns with other moves since Gary Gensler’s departure, who often claimed that many tokens constitute securities.
PYUSD’s exemption from further investigation could bolster legislative momentum behind the GENIUS Act, a bipartisan Senate bill proposi
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