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Binance

Paxos In Talks With The SEC, Binance Partnership Over?

Ronaldo Marquez
by Ronaldo Marquez
2 years ago
·
Posted in Binance
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to a Reuters report, Paxos, the first regulated blockchain infrastructure platform behind Binance’s stablecoin BUSD, is in ongoing discussions with the Securities Exchange Commission (SEC) following the regulatory crackdown on this industry.

According to the report, Paxos CEO Charles Cascarilla said in an email sent Saturday that the company is in ongoing “constructive conversations” with the SEC. The talks began following the SEC’s lawsuit, which alleges that the Binance branded stablecoin is unregistered security in U.S. jurisdiction.

We are engaged in constructive discussions with the SEC, and we look forward to continuing that dialogue in private.

In addition, Paxos CEO claimed that if necessary, the company would be willing to defend its position that BUSD is not a security through litigation.

Related Reading: Solana Spaces Initiative To Close Physical Stores, Unveils Big Change

Is The Paxos-Binance Partnership Over? 

The issuer of Binance’s BUSD stablecoin has stopped minting the token following an order from the New York State Department of Financial Services (NYDFS). The company said on Feb. 21 that Paxos will stop issuing new BUSD tokens and will work in coordination with the NYDFS.

Paxos said it would also “terminate its relationship” with the largest crypto exchange, Binance, following the SEC and NYDFS investigations.

BUSD is a stablecoin associated with the Binance crypto exchange. BUSD aims to provide a more stable cryptocurrency alternative for traders and investors looking to avoid the volatility of the digital asset market. Each BUSD token is pegged one-to-one to the U.S. dollar held in reserve.

While the SEC has not yet come up with specific charges, the notice issued by the NYFDS questions whether stablecoins are securities under the U.S. watchdog jurisdiction. In doing so, other stablecoins would have the same label for the SEC. Paxos has stated that it disagrees with SEC enforcement because “BUSD is not a security under federal securities laws.”

On the other hand, Townsend Lansing, Head of Product at CoinShares, Europe’s most significant digital asset investment and trading group, addressed the BUSD/Paxos feud in a recent interview with CNBC, stating:

The basis for that action will necessarily be fact-specific to the Paxos BUSD structure but will likely have wide ranging implications for other stablecoin issuers selling coins into the U.S

In addition, Lansing said that it is more likely that BUSD will no longer be sold in the U.S. or available for American customers with access to U.S. exchanges. 

The SEC regulatory policies towards the crypto industry could have a wide range of consequences for other stablecoins issuers in the U.S. and can create more concern in the investors’ sentiment. This environment could negatively impact any investment from U.S. entities in the crypto space.

Binance
Total crypto market cap on the daily chart. Source: Total TradingView

Stablecoins’ market cap is at $137 billion and has a share of 11.74% of the total crypto market cap, according to CoinGecko data. The total crypto market capitalization is $1.17 trillion, which represents a decrease of 0.96% over the past 24 hours. The market cap of the largest asset in the crypto industry, Bitcoin, is $475 billion, representing a dominance of 40.64%.

Related Reading: Polygon Fires 20% Of Its Workforce, Here’s Why

Feature image from Unsplash, chart from TradingView.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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