The post Why Exactly Binance Stablecoin (BUSD) Was Being Targeted by SEC? appeared first on Coinpedia Fintech News
New York regulator NYDFS came down on stablecoin issuer Paxos last week over Binance USD (BUSD), and Paxos had to stop minting the stablecoin, which was thought to be a part of the major crackdown against crypto-related companies.
Regulators’ Crackdown on BUSD Makes no Sense
However, it doesn’t make any sense because the real reason behind the crackdown was never made clear by the regulator, and also, BUSD is a stablecoin that is pegged 1:1 to the US dollar, so it has very little volatility, as was pointed out by Altcoin Daily’s Aaron Arnold.
As a result of its consistent nature, the SEC is of the opinion that it cannot be classified as a security. New information has been disclosed that Circle, another stablecoin issuer in charge of USDC, had filed a regulatory complaint against Binance over token management in the previous year. Circle’s complaint said that the b
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