It happens to be the Securities and Exchange Commission (SEC) that has duly informed the crypto company, Paxos Trust Co., which happens to be a crypto firm, that it is contemplating suing the company. This is with regard to its suspicion of the entity having violated investor protection laws. As per information from reliable sources, this happens to be in accordance with the SEC’s ongoing campaign involving the enforcement of crypto.

In this regard, the enforcement staff of SEC has sent out an official letter, also known as a Wells notice, to Paxos, which happens to be as per the norms and procedures the agency adopts. This very notice makes the allegation that the digital asset that is issued and listed by Paxos, going by the name of Binance USD, happens to be a security that has not been duly registered. It also happens to be a matter of fact that the Wells notices are not in any way a finality. The firms have the option of first expressing their own point of view. 

(By David Cox)