Amid the current intense regulations, it appears that the US Securities and Exchange Commission is getting beyond its reach, just like Armstrong’s Coinbase, Paxos is ready to fight back, who is gonna win this fight?
Last week, there was a report that the US SEC is looking to sue Paxos, the crypto firm behind the Binance USD stablecoin, according to the report, SEC argued that BUSD is a Securities and that Paxos is offering the token as an unregistered security.
According to Paxos, it “categorically disagrees” that BUSD is a security, which is contrary to SEC allegation.
In a Monday statement by Paxos, the crypto firm said it received a Wells notice from the US SEC that it violates securities laws.
“Paxos categorically disagrees with the SEC staff because BUSD is not a security under the federal securities laws,” Paxos wrote in a release.
Paxos further affirmed that there are “unequivocally no other allegations against Paxos.”
Meanwhile on 13th of February, New York regulators ordered Paxos to stop minting BUSD, an event which the Binance CEO reacted to, according to “CZ”, Binance will continue to support BUSD while exploring a new non-USD stablecoin.
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