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The United States Securities and Exchange Commission (SEC) ordered Paxos Trust to halt issuing Binance USD. That could impact the full stablecoins ecosystem.
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New week, a caller constituent of the crypto ecosystem is nether attack. This time, the United States Securities and Exchange Commission (SEC) ordered Paxos Trust to halt issuing Binance USD (BUSD) — a dollar-pegged stablecoin. Paxos received a cease order from the New York Department of Financial Services (NYDFS).
With nary different choice, Paxos announced that from Feb. 21, it would end its narration with Binance for the branded U.S. dollar-pegged stablecoin BUSD. All existing BUSD tokens volition stay afloat backed and redeemable done Paxos Trust Company until “at slightest February 2024.” Customers tin redeem their funds successful U.S. dollars and person their BUSD tokens to different Paxos-issued stablecoin, Pax Dollar (USDP). At the aforesaid time, the company “categorically disagreed” with the SEC’s sentiment that BUSD is simply a security.
From disregarding the contented arsenic “FUD” to calling it an onslaught against the Binance exchange, crypto assemblage members laid down assorted theories connected the allegations that BUSD is an unregistered security. Crypto expert Miles Deutscher expressed the astir evident constituent of bewilderment — cipher expects nett when purchasing a stablecoin.
The concern whitethorn person far-reaching repercussions for the stablecoins successful general. As Binance CEO Changpeng Zhao has already hinted, the manufacture may driblet the American dollar arsenic a peg currency altogether, switching to the euro, yen oregon Singapore dollar. However, immoderate experts judge the scrutiny of Paxos was not a nonstop onslaught connected stablecoins but preventive enactment against Paxos successful particular.
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