The U.S. Securities and Exchange Commission (SEC) will not recommend an enforcement action against Paxos following its probe into the Binance USD (BUSD) stablecoin.
“Paxos Trust Company has always maintained that its USD-backed stablecoins are not securities under federal securities laws and that the Wells Notice was unwarranted and unjustified,” said Paxos in a July 11 statement. “We are proud of our relentless advocacy for stable-value digital assets and that the SEC staff determined it will not bring enforcement action against Paxos in connection with BUSD.”
Paxos believes this decision will encourage further adoption of stablecoins by global enterprises.
The company highlighted that well-designed stablecoins with robust consumer protections, like those issued by Paxos, have the potential to revolutionise payments, settlements, and remittances.
The SEC issued a notice to Paxos last year concerning its involvement with BUSD. The SEC later sued Binance, alleging that BUSD was a security. However, the agency does not comment on ongoing or potential investigations.
The SEC's decision to halt the BUSD investigation raises questions about its stance on stablecoins as securities. This comes amid efforts by U.S. lawmakers to draft legislation regulating stablecoins. Representatives Maxine Waters and Patrick McHenry are working on a bill, with the primary regulatory authority being a significant point of contention.
SEC Chair Gary Gensler has previously compared stablecoins to money market funds and other securities. He noted that depending on their attributes, such as interest payments and value maintenance mechanisms, stablecoins might be considered securities.
The SEC's decision to end the investigation into Paxos without recommending enforcement leaves the regulatory status of stablecoins ambiguous. This development may lead to increased stablecoin adoption and further legislative efforts to define their regulation.
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