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Paxos
Stablecoin Issuer Paxos Burns $700M Binance USD Amid Regulatory Pressure
Paxos, the issuer of the $16 billion Binance USD (BUSD) stablecoin, has burned more than $700 million of BUSD tokens since Monday. That was when Paxos announced it would stop issuing the cryptocurrency amid mounting regulatory pressure, blockchain data shows. Jesse Austin Campbell, Former Paxos Head of Portfolio Management and Columbia Business School Adjunct Professor, discusses his outlook for the stablecoin market and crypto regulation.
Paxos to Stop Minting Stablecoin BUSD: What Happens Next?
Stablecoin issuer Paxos will stop minting new Binance USD (BUSD) tokens at the direction of the New York Department of Financial Services (NYDFS), with the news coming just after a report of the threat of legal action from the U.S. Securities and Exchange Commission (SEC). Former Paxos Head of Portfolio Management and Columbia Business School Adjunct Professor Jesse Austin Campbell weighs in. "The lesson showing people here is that over the last few years, the greatest mistake is to be an on shore regulated company in the crypto space," Campbell said.
The SEC Is Taking Aim at Paxos and (Annoyingly) It’s Good for Bitcoin
While the largest cryptocurrency has not been a direct focus for regulators, bitcoiners should not become cheerleaders.
BUSD Stablecoin Inches Toward $1 Peg After Binance CEO Comments
Changpeng Zhao on Tuesday distanced himself from the Binance-branded stablecoin.
Bitcoin Above $22K 'Remarkable' Sign of Resilience: ProChain Capital President
Bitcoin (BTC) remains above $22,000 despite increased regulatory pressure on the industry after Kraken's $30 million SEC settlement and Paxos receiving a Wells Notice. ProChain Capital President David D. Tawil shares insights into BTC's resilience amid macro headwinds and the impact of CPI data. Plus, takeaways from Tuesday's Senate Banking Committee hearing on safeguarding financial digital assets.
Former SEC Chief Counsel Says Agency Needs to Make Clear Its Crypto Compliance Rules
“When the SEC tells us that something is not compliant, it’s not necessarily the same thing as telling us what they would consider compliant,” said TuongVy Le, a partner and head of regulatory and policy at investment firm Bain Capital.
Binance CEO: BUSD Is Not Issued by Binance
Binance’s Chief Executive Officer Changpeng “CZ” Zhao distanced himself from the Binance-branded stablecoin BUSD, after regulatory action caused minting to cease. “BUSD is not issued by Binance,” CZ said at a Twitter Spaces on Tuesday. “We have an agreement to let them [Paxos] use our brand, but that's not something that we created.” "The Hash" panel discusses the latest developments and industry implications amid mounting U.S. crypto regulatory pressure.
Bain Capital Crypto Partner on Catalysts That Could Kill Crypto Staking
Bain Capital Crypto Partner and Head of Regulatory and Policy TuongVy Le weighs in on the U.S. Securities and Exchange Commission's recent settlement with crypto exchange Kraken and its Wells Notice to Paxos. As the former Chief Counsel at the SEC's Office of Legislative and Intergovernmental Affairs, she notes "blindly and mechanically applying the existing securities laws...could potentially kill something like staking."
Stablecoin Issuer Paxos ‘Categorically Disagrees’ With SEC That BUSD Is a Security
Paxos acknowledged it received a Wells Notice from the SEC, indicating a possible enforcement action is forthcoming based on the charge that its Binance USD (BUSD) stablecoin constitutes an unregistered security, according to a Monday press release. But the stablecoin issuer said it "categorically disagrees with the SEC staff because BUSD is not a security under the federal securities laws." CoinDesk Global Policy and Regulation Managing Editor Nikhilesh De discusses what we know so far and the larger implications for crypto regulation.