Crypto News
SEC Preparing Lawsuit Against Paxos for Halting BUSD Minting: What You Need to Know
The SEC is reportedly taking aim at the owner and issuer of the world’s third-largest stablecoin , Binance USD. Per the Wall Street Journal, the U.S. Securities and Exchange Commission plans to sue crypto brokerage firm Paxos Trust for issuing and listing the BUSD stablecoin without registering it as a security. In a press release shared with Decrypt, Paxos confirmed that it was halting the minting of BUSD and would “end its relationship with Binance” for the stablecoin. Paxos Trust has owned and operated the BUSD stablecoin business since 2019, when it entered into a licensing agreement with Binance, the world’s largest crypto exchange, to use its name and brand. Interestingly, Paxos is only being directed to shut down its BUSD stablecoin, which customers can redeem for cash or convert to Pax Dollar (USDP), “a regulated US dollar-backed stablecoin also issued by Paxos Trust.”
The SEC is taking legal action against Paxos for issuing and listing BUSD without registering it as a security. This is part of their ongoing effort to enforce crypto regulations and protect investors. Binance has taken a hit from today’s news, with the crypto exchange facing a loss in licensing fees and the eventual decline of BUSD’s marketing power. SEC chair Gary Gensler and commissioner Hester Peirce have voiced their opinion on the issue, with Gensler focused on compliance and Peirce skeptical of the regulator’s approach to shutting down services without sufficient warning. This is bad news for Binance, but good news for investors who will be protected by the SEC’s efforts.
#BUSD #Paxos #CryptoRegulations #SEC
You can read more about this topic here: Decrypt: Paxos Halts BUSD Minting as SEC Reportedly Prepares Lawsuit
The post SEC Preparing Lawsuit Against Paxos for Halting BUSD Minting: What You Need to Know first appeared on Byte Syze Crypto.
Tron founder and advisor to the exchange, Justin Sun, has stated that Huobi could get a Hong Kong crypto license in six to twelve months. Specifically, Sun told Coindesk that the exchange applied to become a virtual asset service provider (VASP) last week. Additionally, Sun discussed the process of the VASP application and his belief that the crypto exchange could have an answer by the end of the year. Huobi had recently relocated to Hong Kong, aiming to launch Huobi Hong Kong by the summer. Sun was asked about embracing potential competition in the Canadian market and noted the strict regulatory standards in the country, referring to the Caribbean, Hong Kong, and Japan. There has been no verification of other cryptocurrency exchanges that have applied for a similar license, however, Coindesk reported Sun’s expectation that five to six other exchanges could make the move.
This news is good for Huobi as they are in the process of obtaining a crypto license in Hong Kong, which would allow them to operate in the region and serve customers. Other exchanges may also apply for the license, and the grace period given to the exchange could provide them with the opportunity to get approval in the next six to twelve months.
#Huobi #HongKong #CryptoLicense #VASP #JustinSun
You can read more about this topic here: Watcher Guru: Justin Sun Says Huobi Could Get Hong Kong Crypto License in 6-12 Months
The post Justin Sun Predicts Huobi Crypto Exchange to Secure Hong Kong License in Under a Year first appeared on Byte Syze Crypto.
#CryptoSafety #RugPulls #DefiExploits #ProtectInvestors
You can read more about this topic here: Watcher Guru: Crypto Rug Pulls Outvalued Defi Attacks in May, $45 Million Lost
The post Crypto Rug Pulls: How $45 Million In Defi Attacks Were Lost In May first appeared on Byte Syze Crypto.
The Commodity Futures Trading Commission (CFTC) has proposed a re-modelled rule-set for risk management as part of its effort to respond to the U.S. banking crisis. Commissioner Christy Goldsmith Romero highlighted the need for such regulations due to the risks posed by the emergence of technologies like crypto, AI, and cloud services. The CFTC’s advance notice of proposed rulemaking will be open for public comments for 60 days. The final version will then be voted upon. #CFTC #RiskManagement #Crypto #Regulations
You can read more about this topic here: Watcher Guru: Crypto: U.S. CFTC Looking to Change Risk Rules
The post CFTC Set to Revamp Risk Regulations: How it Impacts the Crypto Industry first appeared on Byte Syze Crypto.
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