BUSD

<ul><li>SEC concludes Paxos investigation, and no enforcement action is recommended, which is significant relief for the stablecoin sector.</li><li>The federal court decision favors Binance, which impacts the SEC&#39;s charges against Paxos over BUSD.</li><li>Paxos cleared by SEC highlights the need for clear regulatory guidelines amid evolving crypto legislation.</li></ul>The U.S. Securities and Exchange Commission (SEC) has formally concluded its investigation into Paxos, the issuer of the Binance USD (BUSD) stablecoin, according to <a href="https://fortune.com/crypto/2024/07/11/sec-busd-gary-gensler-paxos-stablecoin-binance/" rel="noopener noreferrer nofollow">recent reports</a>.Initially issuing a Wells Notice to Paxos in February 2023, the SEC indicated potential enforcement actions over the BUSD stablecoin, which operates in partnership with Binance.Jorge Tenreiro, acting chief of the SEC’s crypto assets and cyber unit, notified Paxos on July 9th that no enforcement action would be recommended.This decision marks a relief for Paxos, with Walter Hessert, head of strategy at Paxos, commenting, &#34;The termination of this investigation formally is an enormous relief for us. It’s what we expected all along, and it should hopefully create more certainty in the market among what we see as a growing number of large enterprises.&#34; The investigation centered around whether <a href="https://cryptotale.org/crypto-gamblers-earn-busd-through-online-hamster-race-bets/" rel="noopener noreferrer nofollow">BUSD</a> qualified as a security. The SEC argued that it generated profits for both Binance and Paxos, which were partially passed on to users. In contrast, Paxos maintained that BUSD is fully backed by dollar reserves on a 1:1 basis, emphasizing its stablecoin nature without profit expectations traditionally associated with securities.<a href="https://cryptotale.org/sec-ends-busd-investigation-paxos-finds-relief-after-year-long-probe/" rel="noopener noreferrer nofollow">Read more on CryptoTale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

SEC Ends BUSD Investigation, Paxos Finds Relief After Year-Long Probe

CryptoTale

Alte articole publicate pe 13 iul. 2024

Ethereum demand spikes amid whales and institutions ETH ecosystem tokens accumulation

Invest in These Altcoins Early and Watch Your Returns Soar!

Fetch.ai Price Declines Before ASI Merger

JPMorgan Forecasts Altcoin Surge in August Amid Bitcoin Recovery Prospects – Time to Buy XRP and ...

What’s next for Bitcoin price now that German gov't BTC balance hits zero?

Avalanche (AVAX) and Cosmos (ATOM) Continue To Face Uncertainties While Rollblock Captures The In...

Join our free newsletter for daily crypto updates!