The US Securities and Exchange Commission is on the warpath—and crypto is in its crosshairs. Over the weekend, The Wall Street Journal reported that the agency intends to sue crypto firm Paxos for issuing BUSD, a stablecoin developed in partnership with the world’s largest crypto exchange, Binance.
The SEC declined to comment, but Paxos, which is based in New York and Singapore, confirmed today that the agency alleges BUSD should have been registered as a security in the US, which requires compliance with complex rules. In a statement, the firm said it “categorically disagrees” that BUSD is a security but has complied with an order from the New York Department of Financial Services to
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