Paxos in ‘Constructive Talks’ With SEC Following Enforcement Action on Binance USD (BUSD): Report
February 24, 2023 3583 by adminPaxos Trust Company, a New York-based login password company, is in "constructive talks" with the American Securities Trading Federation (SEC), which had previously focused on the relatively stable Binance dollar (BU.S.) Law enforcement actions were carried out.
An internal email from PaxosCEOCharles Cascarilla said SEC was actively discussing with Paxos after regulators told Paxos that dollars should be registered as securities, according to Reuters.
->"We are having constructive discussions with the SEC and everyone is looking forward to having another private dialogue."
Spokesmen for SEC and Paxos declined to comment on the email.
In an announcement released on Monday, February 13th, Paxos said he had received a "Wells Fargo notice" from the American Securities Trading Association (SEC) on February 3rd, and regulators indicated that it was working hard to put the proposal into action, claiming that BYD was a security and that Paxos was supposed to sell BYD cars under the Federal Securities Act.
But the Paxos made it clear that it would "never allow" the dollar to be a security.
"We are going to touch the SEC staff on this matter and are prepared to take the initiative to sue if necessary."
Over the past few weeks, Paxos has faced a series of tough regulatory challenges. Also last Monday, according to media reports, the New York City Financial Services Center (NYDFS) ordered the login password company Frozen Jie to keep its production and manufacturing pegged to the dollar.
Parksos then announced that it would "stop its partnership with Binance in exchange for stable Australian dollars under the Binance brand." The company also stressed that every dollar token has always been and will always be applied through the 1:1 dollar billing reserve.
According to the latest news from Reuters
Casca Ruby indicates that Paxos is still working with SEC to issue its application for a clearing house license and with the U.S. Office of the Supervisor of loan money Engineering (OCC) to obtain the final approval of its trust bank business license in our country.
