Cointime

Cointime

Download App
iOS & Android
Home / Policy

SEC Requests Documents Related to PayPal's Stablecoin Amid Regulatory Actions

PayPal has confirmed that the SEC has requested documents related to its PYUSD stablecoin, which is co-managed by Paxos. This move marks the latest regulatory action taken by the SEC against the crypto industry, following its lawsuit against the Binance-brand BUSD stablecoin. The PYUSD stablecoin was launched by PayPal during the "crypto winter" and is used for on- and off-platform transactions. Some observers have criticized the SEC for "picking winners" in the crypto industry, as the Howey Test's vagueness could potentially classify anything that leads to profit as a securities offering.

PayPal Regulation stablecoin SEC
Comments

All Comments

Recommended for you

  • It is reported that Trump may meet with Ripple CEO and other crypto industry representatives to discuss the formulation of US crypto policy

     Ripple CEO Brad Garlinghouse recently gave an interview to Fox News and talked about his feelings regarding Trump's victory in the 24th US presidential election. There are reports that Brad Garlinghouse and other representatives from the cryptocurrency industry may meet with Trump to discuss participating in the formulation of US cryptocurrency policies. Fox News asked Brad Garlinghouse about this matter, and although it has not been confirmed, his response seemed to suggest that he would be open to it. Brad Garlinghouse said, "I won't comment too much on the details here. Throughout the entire election cycle, we have been actively supporting cryptocurrencies and innovation, and we will continue to work with more friendly government officials to get rid of current regulations through law enforcement."

  • EU regulators set out guidelines on restrictions for cryptocurrency providers

    the European Banking Authority (EBA) is the European regulatory agency responsible for addressing weaknesses in the European banking industry. It has issued two sets of guidelines, including specific guidelines for payment service providers (PSPs) and cryptocurrency asset service providers (CASPs). On November 14th, EBA released guidelines that specify the measures that PSPs and CASPs must take when transferring funds or cryptocurrency to comply with EU and national restrictive measures. According to EBA, these guidelines ensure the implementation of EU and national sanctions. EBA believes that weaknesses in control, internal policies, and procedures may pose legal and reputational risks to financial institutions (including PSPs and CASPs). In addition, weak links in these areas for financial institutions may also "weaken" the effectiveness of the EU's restrictive measures system. The European Banking Authority emphasizes that this may lead to rule evasion, thereby affecting the stability of the EU's financial ecosystem. According to ECA, these guidelines will apply from December 30, 2025.

  • Cardano founder confirms he will work with Trump administration on crypto legislation

     Cardano founder Charles Hoskinson has confirmed plans to collaborate with the US government under the leadership of President Trump to help formulate cryptocurrency legislation. The goal is to create a clear regulatory framework for the cryptocurrency industry, which has faced uncertainty and regulatory challenges for years. Hoskinson announced these plans in a recent speech and stated that developing positive policies regarding cryptocurrency requires support from both the Democratic and Republican parties. He stated that his company, Input Output Global (IOG), will establish a separate policy department for cryptocurrency regulation. This office will focus on developing a legislative framework that incorporates the provisions of the 21st Century Financial Innovation and Technology Act (FIT21) and the Responsible Financial Innovation Act (RFIA). He added, "I will work with legislators and the government to push for a bipartisan bill to be passed."

  • UK House of Lords backs Digital Asset Property Bill

    members of the UK House of Lords expressed support for the country's digital asset property bill during a second reading session on Wednesday. The House of Lords Committee generally believes that the bill will provide more clarity on how the legal system treats cryptocurrencies and may mark another step forward for the UK in paving the way for domestic cryptocurrency use. The bill was drafted by the independent statutory body, the Law Commission, and was launched in the UK in September. The bill adds a new "property" category within the scope of property to help resolve legal disputes involving cryptocurrencies. The bill will not only help judges in criminal proceedings involving cryptocurrency theft due to fraud or hacking, but will also help divide marital property.

  • UAE to introduce legal framework for DAOs

    The United Arab Emirates is focusing on introducing a legal framework for decentralized autonomous organizations (DAOs) in the Ras Al Khaimah Digital Asset Oasis (RAK DAO), a free economic zone dedicated to digital assets. Law firm NeosLegal and RAK DAO announced that the new system will be launched and discussed at the DAO Legal Clinic on October 25th. Irina Heaver, a partner at NeosLegal, said that the framework is expected to clarify how DAOs can remain legally compliant, and she believes this will have a significant impact on decentralized governance in the UAE and the wider Web3 ecosystem. The announcement emphasizes that the legal structure will clarify tax obligations and benefits. It will also establish property rights for on-chain and off-chain assets and provide legal protection for the founders, members, and contributors of the DAO from personal liability. The legal framework will also enable DAOs to enter into legally binding contracts and establish guidelines for resolving internal and external disputes.

  • Deutsche Börse Clearstream: D7 platform has issued over 10 billion euros in digital bonds

    Deutsche Börse's Clearstream announced that its digital securities platform D7 has issued over 10 billion euros (11 billion US dollars) in digital bonds. Currently, D7 is mainly used for two types of issuance, namely large digital bonds and structured products. From a technical perspective, the D7 platform uses DAML smart contracts, and the latest version of DAML supports the Canton blockchain. Previously, Clearstream also participated in a practical experiment using the French wholesale central bank digital currency CBDC for settlement.
  • cointelegraph ·

    Trump pledges to fire SEC Chair Gary Gensler ‘on day one’ if reelected

    The Republican candidate laid out a plan for crypto policies should he win in November against prospective Democratic presidential nominee Kamala Harris.
    Trump pledges to fire SEC Chair Gary Gensler ‘on day one’ if reelected

  • Hong Kong Legislative Council Member Tam Yue-heng: Accelerate the issuance and trading of stablecoins that match the characteristics of the linked exchange rate system

    Tan Yueheng, a member of the National Committee of the Chinese People's Political Consultative Conference and the Legislative Council, published an article entitled "Consolidating the Status of Financial Center and Sharing the Dividend of Deepening Reform". In it, he pointed out that in the field of digital finance, the SAR government must continue to develop digital finance and qualified virtual products, explore new beneficial financial formats, and promote the new productive forces of the financial industry. Hong Kong must promote the participation of financial technology companies in the stable coin sandbox mechanism, accelerate the issuance and trading of stable coins with the characteristics of matching linked exchange rate system, expand the testing scope and landing scenarios of digital RMB as a cross-border payment tool, and focus on developing products that are linked to virtual assets and underlying real assets, transforming art, real estate, equity, and carbon emissions into digital tokens through blockchain technology.

  • Cointime June 29th News Express

    1. In the past 24 hours, the transaction volume of Pudgy Penguins was nearly 2 million US dollars, an increase of nearly 700%

  • The US SEC has returned the S-1 form to the potential Ethereum ETF issuer with a few comments, asking it to fix the problem and resubmit.

    The US Securities and Exchange Commission has returned the S-1 form to the potential Ethereum ETF issuer with some comments, asking them to address the issues and resubmit. Sources say that at least one more round of review is needed before these measures can take effect. The issuer has reportedly been asked to address these comments and resubmit before July 8th. Sources note that this will not be the final declaration after the form is returned, meaning that at least one more declaration is needed before the ETF can begin trading.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company