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Bernstein: SEC Tightening of Crypto Regulations Is not an Existential Threat

Regulatory action against the Binance USD (BUSD) stablecoin and its issuer Paxos was specific to BUSD and cannot be extrapolated to others such as USD Coin (USDC), Bernstein said in a research report Thursday.

Some in the industry had expressed concern that crypto was “actively being de-ramped from the banking system, with an attack on stablecoins and custody rules,” the report said.

Bernstein notes that Circle, the issuer of USDC, said it had not received any notice from the Securities and Exchange Commission. A stablecoin is a type of cryptocurrency whose value is pegged to another asset, such as the U.S. dollar or gold.

The custody rule change is currently a proposal, and is favorable for bank-custodians and thus positive for crypto custodians such as Anchorage, who have bank charters, and also custodians who operate under state charters, analysts Gautam Chhugani and Manas Agrawal wrote.

(By Will Canny)

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