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Paxos Categorically Disagrees With the SEC Staff Because BUSD Is Not a Security Under the Federal Securities Laws

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Paxos, the leading regulated blockchain and tokenization infrastructure platform, received a Wells notice from the SEC on February 3, 2023. The Wells notice states that the staff of the SEC is considering recommending an action alleging that BUSD is a security and that Paxos should have registered the offering of BUSD under the federal securities laws. Paxos has issued the following statement:

Paxos categorically disagrees with the SEC staff because BUSD is not a security under the federal securities laws. This SEC Wells notice pertains only to BUSD. To be clear, there are unequivocally no other allegations against Paxos. Paxos has always prioritized the safety of its customers’ assets. BUSD issued by Paxos is always backed 1:1 with US dollar-denominated reserves, fully segregated and held in bankruptcy remote accounts. We will engage with the SEC staff on this issue and are prepared to vigorously litigate if necessary.

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