SEC Investigation Into Paxos Now Ends With Softer BUSD Classification - Coincu
BTC $57636.186 -0.04%
ETH $3123.494 0.19%
BNB $526.846 0.51%
XRP $0.445 2.70%
BTC ETH BNB ADA SOL AVAX DOGE LINK TRX
USD EUR GBP JPY AUD CAD CHF CNY
Convert
LIVE UPDATES • BlockDAG’s Dev Release 70 Highlights X1 Miner’s Upgrades as App Goes Live on Apple Store; Presale Value Surges by 1300% • BNB Chain Hack Loses $1.6B, Immunefi Investigation Unveils! • US Lawmakers Demand Release Binance Executives by Nigerian Government! • Tether USDT Redemptions Will Be Stopped on Multiple Blockchains in 2025 • Hamster Kombat Second Airdrop Will Be Launched In The Next 2 Years • SEC Investigation Into Paxos Now Ends With Softer BUSD Classification • Iggy Azalea’s MOTHER Token Surges 47% Post DWF Labs Partnership! • TRON ($TRX) and XRP ($XRP) Shine, But DigiHorse Empires ($DIGI) is the Next Big Thing You Can’t Afford to Miss • JPMorgan Crypto Prediction Shows A Strong Market Rebound In August • DefiLlama Founder Warns: 100+ Crypto Domains Vulnerable to Attacks!
News SEC Investigation Into Paxos Now Ends With Softer BUSD Classification 2 hours ago - Around 2 mins mins to read
Key Points:
The decision marks a significant shift in the SEC’s approach to regulating digital assets.
Political factors may be influencing this change in the regulatory landscape.
The United States Securities and Exchange Commission (SEC) has decided to end its investigation into Paxos, determining that Binance USD (BUSD) does not qualify as a security.
Read more: New Paxos Singapore Executive Director Appointed to Enhance Market Expansion
The decision, reported by Fortune, represents a significant moment in the ongoing discourse on the regulatory status of digital assets. Jorge Tenreiro, the acting chief of the SEC’s crypto assets and cyber unit, informed Paxos on July 9 that no enforcement action would be recommended. Paxos’ head of strategy, Walter Hessert, expressed relief, noting that the decision should provide more market certainty and facilitate partnerships with companies like PayPal.
Initially, the SEC had argued that BUSD was an investment contract and therefore a security. The conclusion of the SEC investigation into Paxos means that BUSD is no longer viewed as a security by the agency. It may influence future regulatory approaches to digital assets, although it does not necessarily set a precedent, as each case is assessed individually.
SEC’s Shift in Regulatory Approach
The SEC’s shift in stance might also reflect a broader change in the regulatory landscape. In 2023, the SEC embarked on a rigorous regulation-by-enforcement campaign against the crypto sector, targeting firms like Binance and Coinbase and forcing Paxos to wind down BUSD, reducing its market cap from $23 billion to just $70 million.
However, 2024 has seen a reversal in this aggressive policy. The SEC, which had sought to classify Ethereum as a security, recently approved Ethereum ETFs, signaling a softer approach towards cryptocurrencies.
The dropped SEC investigation into Paxos could also be influenced by political factors, with Republican Presidential candidate Donald Trump showing strong support for crypto.
Author Harold
With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
Related Posts
Malaysian Crypto Miners Stole $722 Million in Electricity from 2018 Suriname Presidential Candidate Promotes Bitcoin As New Legal Tender MicroStrategy 10-for-1 Stock Split: Making Shares More Accessible USDC Treasury Unleashes 250M USDC on Solana Network! Softer CPI and Labor Data May Prompt Fed Rate Cuts in September and December! Hamster Kombat Second Airdrop Will Be Launched In The Next 2 Years German Government’s Bitcoins Continue to Put New Pressure on the Market Celer Network Attack Is Causing DeFi Chaos Along With Compound Crash
Key Points:
The decision marks a significant shift in the SEC’s approach to regulating digital assets.
Political factors may be influencing this change in the regulatory landscape.
The United States Securities and Exchange Commission (SEC) has decided to end its investigation into Paxos, determining that Binance USD (BUSD) does not qualify as a security.
Read more: New Paxos Singapore Executive Director Appointed to Enhance Market Expansion
The decision, reported by Fortune, represents a significant moment in the ongoing discourse on the regulatory status of digital assets. Jorge Tenreiro, the acting chief of the SEC’s crypto assets and cyber unit, informed Paxos on July 9 that no enforcement action would be recommended. Paxos’ head of strategy, Walter Hessert, expressed relief, noting that the decision should provide more market certainty and facilitate partnerships with companies like PayPal.
Initially, the SEC had argued that BUSD was an investment contract and therefore a security. The conclusion of the SEC investigation into Paxos means that BUSD is no longer viewed as a security by the agency. It may influence future regulatory approaches to digital assets, although it does not necessarily set a precedent, as each case is assessed individually.
SEC’s Shift in Regulatory Approach
The SEC’s shift in stance might also reflect a broader change in the regulatory landscape. In 2023, the SEC embarked on a rigorous regulation-by-enforcement campaign against the crypto sector, targeting firms like Binance and Coinbase and forcing Paxos to wind down BUSD, reducing its market cap from $23 billion to just $70 million.
However, 2024 has seen a reversal in this aggressive policy. The SEC, which had sought to classify Ethereum as a security, recently approved Ethereum ETFs, signaling a softer approach towards cryptocurrencies.
The dropped SEC investigation into Paxos could also be influenced by political factors, with Republican Presidential candidate Donald Trump showing strong support for crypto.
Visited 13 times, 16 visit(s) today
Other Posts
Related Posts
- 13 hours ago 2 mins
German Government Bitcoin Available Now Less Than $1 Billion Left to Sell
Knowledge
- 180 days ago 13 mins
Crypto To Crypto Converter: Detailed Guide For Beginners And Important Notes
Knowledge
- 180 days ago 12 mins
Fiat To Fiat Converter: Detailed Guide For Beginners And Important Notes
Knowledge
- 115 days ago 10 mins
Buy Dogecoin on eToro: Step-by-Step Guide for Beginners (2024)
Knowledge
- 126 days ago 14 mins
Free Bitcoin Code 2024: Easy Way To Own Bitcoin
Top Projects
- 92 days ago 27 mins
Top 10 Best Crypto Telegram Bots In 2024
- 14 hours ago 2 mins
Crypto Supporter Donald Trump to Address Bitcoin 2024 Conference in Nashville
Knowledge
- 81 days ago 13 mins
Bitcoin Mining: How Long Does It Take to Mine 1 Bitcoin?
24h 7D 30D Trending
- 13 hours ago 2 mins
German Government Bitcoin Available Now Less Than $1 Billion Left to Sell
- 2 days ago 2 mins
BlackRock Spot Bitcoin ETF Returns Positive With $121.3M Inflows
- 2 days ago 2 mins
BLAST Token Holders Will Be Supported With 2x Points In The Future
- 1 days ago 2 mins
ETH Futures Skyrocket to 3.1M, Hinting at Ethereum ETF Approval!
- 1 days ago 2 mins
Softer CPI and Labor Data May Prompt Fed Rate Cuts in September and December!
- 7 days ago 2 mins
Hamster Kombat’s Token Will Launch on TON Blockchain With Breakthrough Milestones
Knowledge
- 4 days ago 13 mins
Pi Network Mainnet Launch Date: Potential for a Boom in Late 2024?
- 7 days ago 2 mins
- 6 days ago 3 mins
Ether.fi Season 2 Airdrop Claim Will Be Postponed to July 6
- 4 days ago 2 mins
Bitcoin Faces Pressure Amid Mt. Gox’s Compensation and Market Caution
Knowledge
- 30 days ago 9 mins
Save Up To 35% With Exclusive Cashback Trading Code From Coincu
- 28 days ago 2 mins
Bitcoin Whale Wallets With Over 1,000 BTC Are Almost At A New All Time High
Press Releases
- 21 days ago 5 mins
After Raising $5 Million, Sealana Announces Presale Ends in 5 Days – Last Chance to Buy
- 26 days ago 3 mins
LayerZero Token Airdrop Rules Announced, Early Transactions Will Be Eewarded 3x
Press Releases
- 16 days ago 5 mins
PlayDoge ($PLAY) Achieves $5 Million Milestone in ICO, a Tamagotchi-Style Meme Coin
view more
- 8 mins ago 4 mins
8 mins ago
11 Jul
BlockDAG’s Dev Release 70 Highlights X1 Miner’s Upgrades as App Goes Live on Apple Store; Presale Value Surges by 1300% July 11, 2024
- 34 mins ago 2 mins
34 mins ago
11 Jul
BNB Chain Hack Loses $1.6B, Immunefi Investigation Unveils! July 11, 2024
- 58 mins ago 2 mins
58 mins ago
11 Jul
TOP Casino Projects
view more
Press Release
view more
- 8 mins ago 4 mins
8 mins ago
11 Jul
BlockDAG’s Dev Release 70 Highlights X1 Miner’s Upgrades as App Goes Live on Apple Store; Presale Value Surges by 1300%
- 2 hours ago 4 mins
2 hours ago
11 Jul
TRON ($TRX) and XRP ($XRP) Shine, But DigiHorse Empires ($DIGI) is the Next Big Thing You Can’t Afford to Miss
- 4 hours ago 5 mins
4 hours ago
11 Jul
Key Points:
The decision marks a significant shift in the SEC’s approach to regulating digital assets.
Political factors may be influencing this change in the regulatory landscape.
The United States Securities and Exchange Commission (SEC) has decided to end its investigation into Paxos, determining that Binance USD (BUSD) does not qualify as a security.
Read more: New Paxos Singapore Executive Director Appointed to Enhance Market Expansion
The decision, reported by Fortune, represents a significant moment in the ongoing discourse on the regulatory status of digital assets. Jorge Tenreiro, the acting chief of the SEC’s crypto assets and cyber unit, informed Paxos on July 9 that no enforcement action would be recommended. Paxos’ head of strategy, Walter Hessert, expressed relief, noting that the decision should provide more market certainty and facilitate partnerships with companies like PayPal.
Initially, the SEC had argued that BUSD was an investment contract and therefore a security. The conclusion of the SEC investigation into Paxos means that BUSD is no longer viewed as a security by the agency. It may influence future regulatory approaches to digital assets, although it does not necessarily set a precedent, as each case is assessed individually.
SEC’s Shift in Regulatory Approach
The SEC’s shift in stance might also reflect a broader change in the regulatory landscape. In 2023, the SEC embarked on a rigorous regulation-by-enforcement campaign against the crypto sector, targeting firms like Binance and Coinbase and forcing Paxos to wind down BUSD, reducing its market cap from $23 billion to just $70 million.
However, 2024 has seen a reversal in this aggressive policy. The SEC, which had sought to classify Ethereum as a security, recently approved Ethereum ETFs, signaling a softer approach towards cryptocurrencies.
The dropped SEC investigation into Paxos could also be influenced by political factors, with Republican Presidential candidate Donald Trump showing strong support for crypto.
Visited 13 times, 16 visit(s) today