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Stablecoin Issuer Paxos Burns $700M Binance USD Amid Regulatory Pressure

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.

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Paxos to Stop Minting Stablecoin BUSD: What Happens Next?

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.

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의견

Комісія з цінних паперів і цінних паперів націлилася на Paxos, і (на жаль) це добре для Bitcoin

Незважаючи на те, що найбільша Криптовалюта не була предметом прямої уваги регуляторів, біткоіни не повинні ставати вболівальниками.

(Photo by Chip Somodevilla/Getty Images)

시장

BUSD Stablecoin наближається до прив’язки до 1 долара після коментарів генерального директора Binance

Чанпен Чжао у вівторок відмовився від стейблкоїна під брендом Binance.

(eswaran arulkumar/Unsplash)

시장

Емітент стейблкойнів Paxos спалив $700 млн. Binance USD за 27 годин на тлі регулятивного тиску

З понеділка пропозиція BUSD знизилася більш ніж на 6%.

Nansen data shows that Paxos has been burning BUSD every few hours since Monday morning. (Nansen)

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Binance CEO: BUSD Is Not Issued by Binance

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.

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Stablecoin Issuer Paxos ‘Categorically Disagrees’ With SEC That BUSD Is a Security

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.

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의견

Стайблкойни не нові. Отже, чому регулятори атакують Paxos?

Колишній керівник відділу управління портфелем Paxos для BUSD стверджує, що стейблкойни можуть бути такими ж безпечними, як і регульовані фінансові продукти, такі як фонди грошового ринку.

(Brock Wegner/Unsplash)

정책

Генеральний директор Binance дистанціюється від BUSD Stablecoin, оскільки діють регулятори

Чанпен Чжао сказав, що Binance продовжить співпрацю з іншими емітентами стейблкойнів і що він скептично ставиться до заяв Circle, які викликали тривогу у регуляторів.

Changpeng Zhao, commonly known as "CZ", founder and CEO of Binance, at Davos in 2023. (Casper Labs)

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