“The Sec Subpoenaened Paypal in Late 2023 Over Its Dollar-Backed Stablecoin.”, – WRITE: www.coindesk.com
“In November 2023, We Received A Subpoena from the US Sec Division of Enforcement Relating to Paypal USD Stablecoin. This Inquiry Without Enforcement Action, “Paypal Disclosed This Week in A Filing.
Wednesday’s filing Marks the Latest Sec Move to Drop Investigations and Lawsuits Against Crypto Companies. The Regulator has informed more than a dozen ryms that it would be drop investigations and Cases.
Read More: Paypal Faces Sec Subpoena Over Its Pyusd Stablecoin
Stablecoins – Digital Tokens Pegged to Fiat Currencies Like The Us Dollar – Have Become a Focal Point in the Debate Over How Crypto Should be Regulated. Regulators have questioned whose Instruments Resemble Securities or Money Market Funds, WHICH COURCKT DRAW DRAW IN Issuers Such as Circle and Tether to Greater Scrutiny. Paypal’s Involvement Attracked Added Attcture Due To Its Size, Brand Recognition and Reach Across Traditional and Digital Finance.
For PayPal, The Resolution of the Sec’s Probe Removes A Key Regulatory Overhang As It Continues to Push Deteper Into Blockchain-Based Payments. The Company Launted Pyusd on Ethereum in August 2023 as a Dollar-Pegged Stablecoin Backed by Short-Trem US Treasury Bills and Dollar Deposits Decentralized Applications.
The News Also Coms at A Time WHEN STABLECOins Are Become The Hottest Trend Among Crypto and Tradfi Firms. Companies Such as Ripple, Mastercard, Visa, Dutch Bank Iing and Stripe Are All Joering The Stablecoin Industry. Ripple Even Reportedly Offered $ 4 Billion or $ 5 Billion to Buy Stablecoin Issuer Circle. Meanwhile, Venture Firm andreessen Horowitz (A16Z) Said That Stablecoins Are In “WhatsApp Mment” For Money Transfers, With The Potential To Disposition of the Apant. Cross-Border Phone Calls and Texts.
Amid Intensifying Competition, Paypal Recently SAID IS SET TO BEGIN OFFERING USSES A 3.7% YIELD ON Balances of Itusd to Up Ante in the Stablecoin Wars. The Payment Giant’s Stablecoin Has A Market Cap of $ 887 Million, Putting It in Sixth Place Among Stablecoin Issuers, Accounting To CoinmarketCap Data.
Read More: Stablecoin Market Could Grow to $ 2T by End-2028: Standard Chartered
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