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SEC Drops Investigation Into Paxos, Declares BUSD Not a Security: Fortune

Jul 11, 2024, 02:06 PM

The U.S. Securities and Exchange Commission (SEC) has officially dropped its investigation into Paxos regarding its stablecoin, BUSD. This decision marks a significant victory for the cryptocurrency industry, as the SEC has determined that BUSD is not a security. The investigation had been ongoing for over a year, following a Wells notice sent to Paxos in February 2023, which indicated a potential enforcement action. The conclusion of this probe, reported by Fortune, is seen as a de facto admission that stablecoins do not fall under the category of securities, potentially setting a precedent for future regulatory actions in the crypto space.