Stablecoin

PayPal USD

Bitcoin

Gary

<h4 style="color: #252525;"><strong><span style="color: #252525;">PayPal announced on Thursday that it had received a subpoena from the EC over its <a href="https://www.altcoinbuzz.io/bitcoin-and-crypto-guide/paypals-stablecoin-the-first-us-cbdc/" target="_blank" rel="noopener">PayPal USD (PYUSD)</a> stablecoin. A subpoena is a court order requesting documents, testimony, or other forms of evidence during an investigation.</span></strong></h4> 
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">PayPal launched PYUSD in August. But it appears the new stablecoin has caught the attention of US regulators, who are keen on regulating the stablecoin market. Let’s discover more about it.</span></p> 
<h5><strong>Paypal’s Stablecoin is Getting Observations From The SEC</strong></h5> 
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">Stablecoins are cryptocurrencies that are pegged to the price of fiat currency. In most cases, it is the US dollar. Others are pegged to the pound or euro.</span></p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;">Paypal received a subpoena from U.S. SEC division of enforcement relating to Paypal usd stablecoin.</p> 
 <p>— Americas Friend (@FriendAmericas) <a href="https://twitter.com/FriendAmericas/status/1720277136072749437?ref_src=twsrc%5Etfw">November 3, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">A PayPal spokesperson <a href="https://www.sec.gov/Archives/edgar/data/1633917/000163391723000156/pypl-20230930.htm" target="_blank" rel="noopener">confirmed</a> on Thursday that the company intends to collaborate with the SEC’s demands. The PYUSD is an Ethereum-based stablecoin issued by Paxos, backed by treasuries, dollar deposits, and other cash equivalents.</span></p> 
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">The stablecoin market is highly competitive. But Paxos claims PYUSD has received huge adoption since its launch three months ago. A core reason for this adoption is that PYUSD is listed on top exchanges such as Coinbase.</span></p> 
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">In September, PayPal released PYUSD on Venmo to expand its reach to users. Also, users can leverage the PayPal app to buy and sell PYUSD. They can also convert it to other cryptocurrencies like Bitcoin, send it to friends within the US, or pay for items.</span></p> 
<h5 style="color: #252525;"><strong><span style="color: #252525;">Why is the SEC Against stablecoins?</span></strong></h5> 
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">The news of the SEC’s subpoena of PayPal sparked concerns within the crypto world. It appears Washington is threatened by the <a href="https://www.altcoinbuzz.io/?s=stablecoin" target="_blank" rel="noopener">stablecoin market</a>. Some US officials are concerned that a token associated with a top tech company could see heavy adoption and endanger the stability of the US financial system.</span></p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">BREAKING<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"></p> 
 <p>PAYPAL LAUNCHES STABLECOIN! <a href="https://twitter.com/search?q=%24PYUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PYUSD</a> <a href="https://t.co/pbAQmSoWh7">pic.twitter.com/pbAQmSoWh7</a></p> 
 <p>— sumino.eth (@AurelienOnimus) <a href="https://twitter.com/AurelienOnimus/status/1688638241308639232?ref_src=twsrc%5Etfw">August 7, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">PayPal is one of the many tech companies <a href="https://www.altcoinbuzz.io/cryptocurrency-news/jury-finds-sbf-guilty-of-all-seven-charges/" target="_blank" rel="noopener">targeted</a> by US regulators. Most companies targeted by the SEC are crypto-native. However, PayPal is the major US financial organization that releases stablecoins for payments. The stablecoin market is currently under scrutiny. One of the biggest stablecoin issuers, Circle, failed to go public due to concerns raised by the SEC.</span></p> 
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">It’s also public knowledge that Gary Gensler, the chair of the SEC, is against stablecoins. Gensler previously warned of the systematic risk that these digital assets pose to financial stability. Circle’s CEO, Jeremy Allaire, believes the SEC is outside of its jurisdiction in its attempt to regulate the stablecoin market. Allaire argued that stablecoins focus on payments.</span></p> 
<p><img decoding="async" class="alignnone size-full wp-image-127248" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/11/UK-crypto-2.webp" alt="" width="700" height="445" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/11/UK-crypto-2.webp 700w, https://www.altcoinbuzz.io/wp-content/uploads/2023/11/UK-crypto-2-300x191.webp 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/11/UK-crypto-2-696x442.webp 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/11/UK-crypto-2-661x420.webp 661w" sizes="(max-width: 700px) 100vw, 700px"></p> 
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">While the US has adopted a tough stance on crypto regulations, other regions are developing friendly policies. And are seeing an influx of crypto projects. A new research ranked the UK as the fastest-growing crypto hub. The report also named London as the most crypto-friendly city. The US stands at risk of losing out to other nations in the race for the crypto industry.</span></p> 
<p><iframe title="I AM 100% SURE These 4 Altcoins Will SURVIVE &amp; THRIVE in the Crypto Bull Run" width="696" height="392" src="https://www.youtube.com/embed/Bgy6GulyMgE?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe></p> 
<h5><strong>Disclaimer</strong><br> The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</h5> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/heres-why-the-sec-cited-paypal/">Here’s Why the SEC Cited PayPal</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Here’s Why the SEC Cited PayPal

Altcoin Buzz

Other articles published on Nov 3, 2023

Cathie Wood Bets on Bitcoin Amid Market Woes, Know More Here

Block had Profitable Q3 with Strong Bitcoin Revenue

FTX: Where Will SBF Serve Prison Time?

Dubai Advances Crypto Adoption: WadzPay Receives VARA Initial Approval

Analysis of SHIB, DOGE, and FLOKI Charts in the Meme Token Market

Cardano grows 36% in the past two weeks, 6th in gainers

Join our free newsletter for daily crypto updates!