According to the Reuters report Paxos, SEChaving a constructive discussion with
Details on the talks came a week after Paxos said it had received a Wells Notice from the regulator. In the past weeks, the SEC has put Paxos on its radar.
Talks Continue Between Paxos and SEC
Stablecoin issuer, according to Reuters PaxosU.S. Securities and Exchange Commission ( SEC) is having a constructive conversation with
Details from the company’s chief executive came a week after the Wells Notice was received. The Wells Notice is a tool used by the SEC to argue that certain activities may violate federal securities law and may indicate the SEC’s intent to sue.
In recent weeks, the SEC has been preparing to sue Paxos for violating investor protection laws. An agent of the agency informed Paxos about the possible causes by sending a letter.
Paxos received notice that Binance USD, a branded stablecoin product of the company ( BUSD ) was linked to his export. The company’s own stablecoin product, the Pax Dollar (USDP), was not included in the announcement.
Paxos has already announced that it will stop issuing BUSD after receiving a notice from the New York Department of Financial Services, the state regulator that oversees it.
