⚡ SEC Ends BUSD Probe
posted 11 Jul 2024
The U.S. Securities and Exchange Commission (SEC) concluded its investigation into Paxos and its stablecoin, BUSD. Jorge Tenreiro, Acting Head of the Crypto Assets and Cybersecurity Division, privately informed the company of this decision on July 9.
Paxos received the SEC's decision a year after getting a Wells notice, which indicated a review and potential sanctions. This outcome can be viewed as a win for the crypto industry, as the SEC chose not to classify the stablecoin as a security.
The termination of this investigation formally is an enormous relief for us. It’s what we expected all along, and it really should create, hopefully, more certainty in the market,commented Walter Hessert, Paxos' Head of Strategy.
This news comes in the wake of the SEC's partial defeat in its legal battle against Binance, coupled with growing pressure from lawmakers and other crypto market players. The SEC declined to comment, citing its policy of not disclosing the status of investigations involving any company.
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