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SEC Ends Investigation into Paxos, Declares BUSD Not a Security in Win for Crypto Industry: Fortune
Jul 11, 2024, 02:22 PM
The U.S. Securities and Exchange Commission (SEC) has officially ended its investigation into Paxos Trust Company regarding the issuance of its Binance USD (BUSD) stablecoin. The SEC's decision, which comes more than a year after it sent a Wells notice to Paxos in February 2023, signifies that BUSD is not considered a security. This outcome, reported by Fortune, is seen as a significant victory for the cryptocurrency industry, providing regulatory clarity that stablecoins, specifically BUSD, are not securities. Paxos, a stablecoin issuer, received a formal termination notice from the SEC, stating no enforcement action would be recommended.
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