Decentral Block Post

If a majority of the five-member SEC panel votes in favor of the draft proposal, it will proceed to the next stage, which will be reviewed by other members of the SEC.

Crypto financial service Matrixport’s head of research believes regulators are not targeting all stablecoins with the regulatory crackdown on BUSD issuer Paxos.

The fall to 47% comes nearly three months after the percentage of OFAC-compliant blocks reached its peak at 79% on Nov. 21.

Damian Williams, U.S. Attorney for the Southern District of New York pushed to defer the civil cases due to a major overlap between the CFTC, SEC and DOJ’s cases.

Paxos said it will engage with the US securities regulator on the matter and is prepared to "vigorously litigate if necessary."

The company's complaint to the New York regulator reportedly came before the SEC's lawsuit against Paxos over BUSD and NYDFS ordering the firm to "cease minting" the stablecoin.

Even the SEC Commissioner has publicly rebuked her agency over the shutdown of Kraken’s crypto staking program.

Cyber criminals used a variety of methods to siphon funds through hacks and exploits in 2022, amounting to over $2.8 billion in losses.

The proposed rule change, putting crypto at one of the highest risk ratings at financial institutions, could go into effect until December 2024.

All existing BUSD tokens will remain fully backed and redeemable through Paxos Trust Company by at least February 2024, Paxos said.

Binance CEO Changpeng ‘CZ’ Zhao says the exchange will continue to support BUSD despite issuer Paxos being ordered to stop minting the stablecoin by the U.S. SEC and New York regulators.

Members of the community were confused and argued that people buying the stablecoin are not expecting it to go up in value.

The issuance of a CBDC aims to address inefficiencies in cross-border payments and drive innovation for domestic payments.

A New York regulator ordered Paxos to stop issuing BUSD, the third-largest stablecoin by market cap.

One lawyer said that while stablecoins are meant to be stable, buyers may possibly profit from a range of arbitrage, hedging, and staking opportunities.

According to people familiar with the matter, the notice relates to Binance USD, which is being seen by the SEC as an unregistered security.

Coinbase executives claim that staking is not a security under the US Securities Act or Howey test.

Monetary policy refers to the actions taken by a central bank to manage the money supply and interest rates in an economy.

Assemblymember Timothy Grayson introduced the Digital Financial Assets Law to protect Californians from financial hardship and foster responsible innovation.

The move will allow Brazilian taxpayers to easily settle their tax liabilities, meanwhile expanding "access" to the digital asset ecosystem.