The Securities and Exchange Commission reportedly plans to sue Paxos over its issuance of Binance USD, alleging that the stablecoin is an unregistered security.
in The Wall Street Journal citing people familiar with the matter, the SEC has issued a Wells Notice to Paxos — a letter the regulator uses to tell companies of planned enforcement action.to Investopedia, after a Wells Notice is received, the accused is allowed 30 days to respond to it via a legal brief known as a Wells Submission, a chance to argue why the charges should not be brought against t prospective defendants.
A spokesperson for Binance said BUSD is a"Paxos issued and owned product" with Binance licensing its brand to the firm for use with BUSD. It added Paxos is regulated by the New York Department of Financial Services and that BUSD is a"1 to 1 backed stablecoin." — a U.S. Dollar-collateralized stablecoin — which has been around since the firm struck a partnership with Binance in September 2019. It is the third-largest stablecoin, with a market cap currently exceeding $16 billion.
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