Paxos Defends BUSD is Not a Security
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Paxos announced earlier this month it had stopped the issuance of the Binance USD (BUSD) stablecoin under pressure from US regulators.
Paxos CEO Charles Cascarilla said his team is in talks with the Securities and Exchange Commission (SEC) and that the company will try to prove in court that BUSD cannot be considered as a security.
Negotiations with the US authorities are confidential and Paxos has not disclosed all the details.
The head of the company has said:
“We look forward to continuing this dialogue in private.”
In addition, Paxos is working with the US Office of the Comptroller of the Currency (OCC) to get the trust bank’s charter approved.
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