Paxos

Approximately $6 billion of outflows has hit Binance's stablecoin, BUSD, since Feb. 13, according to CoinGecko data compiled by Reuters. "First Mover" hosts weigh in on the latest developments after stablecoin issuer Paxos said last month it will stop minting new Binance USD (BUSD) tokens at the direction of the New York Department of Financial Services.

1 de mar. de 2023

Por Dan Ilett, Cam Thompson, Danny Nelson, Benjamin Schiller, Danny Bradbury16 de fev. de 2023

Former Paxos Head of Portfolio Management and Columbia Business School Adjunct Professor Jesse Austin Campbell discusses the case for stablecoins and how it is a "very simple instrument." Campbell added, "One of the things that's always been a little bit confounding to me is the extreme sort of noise and confusion around [stablecoins] when really, they work very similarly to the things we're already familiar with and quite frankly had a great deal of reform in."

15 de fev. de 2023

Paxos, the issuer of the $16 billion Binance USD (BUSD) stablecoin, has burned more than $700 million of BUSD tokens since Monday. That was when Paxos announced it would stop issuing the cryptocurrency amid mounting regulatory pressure, blockchain data shows. Jesse Austin Campbell, Former Paxos Head of Portfolio Management and Columbia Business School Adjunct Professor, discusses his outlook for the stablecoin market and crypto regulation.

15 de fev. de 2023

Stablecoin issuer Paxos will stop minting new Binance USD (BUSD) tokens at the direction of the New York Department of Financial Services (NYDFS), with the news coming just after a report of the threat of legal action from the U.S. Securities and Exchange Commission (SEC). Former Paxos Head of Portfolio Management and Columbia Business School Adjunct Professor Jesse Austin Campbell weighs in. "The lesson showing people here is that over the last few years, the greatest mistake is to be an on shore regulated company in the crypto space," Campbell said.

15 de fev. de 2023

Bitcoin (BTC) remains above $22,000 despite increased regulatory pressure on the industry after Kraken's $30 million SEC settlement and Paxos receiving a Wells Notice. ProChain Capital President David D. Tawil shares insights into BTC's resilience amid macro headwinds and the impact of CPI data. Plus, takeaways from Tuesday's Senate Banking Committee hearing on safeguarding financial digital assets.

14 de fev. de 2023

Por Adrian Blust, Adam B. Levine14 de fev. de 2023

Binance’s Chief Executive Officer Changpeng “CZ” Zhao distanced himself from the Binance-branded stablecoin BUSD, after regulatory action caused minting to cease. “BUSD is not issued by Binance,” CZ said at a Twitter Spaces on Tuesday. “We have an agreement to let them [Paxos] use our brand, but that's not something that we created.” "The Hash" panel discusses the latest developments and industry implications amid mounting U.S. crypto regulatory pressure.

14 de fev. de 2023

Bain Capital Crypto Partner and Head of Regulatory and Policy TuongVy Le weighs in on the U.S. Securities and Exchange Commission's recent settlement with crypto exchange Kraken and its Wells Notice to Paxos. As the former Chief Counsel at the SEC's Office of Legislative and Intergovernmental Affairs, she notes "blindly and mechanically applying the existing securities laws...could potentially kill something like staking."

14 de fev. de 2023

Paxos acknowledged it received a Wells Notice from the SEC, indicating a possible enforcement action is forthcoming based on the charge that its Binance USD (BUSD) stablecoin constitutes an unregistered security, according to a Monday press release. But the stablecoin issuer said it "categorically disagrees with the SEC staff because BUSD is not a security under the federal securities laws." CoinDesk Global Policy and Regulation Managing Editor Nikhilesh De discusses what we know so far and the larger implications for crypto regulation.

14 de fev. de 2023