{"id":477229,"date":"2025-04-30T10:04:51","date_gmt":"2025-04-30T09:04:51","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=477229"},"modified":"2025-04-30T10:04:51","modified_gmt":"2025-04-30T09:04:51","slug":"sec-closes-paypal-stablecoin-probe-clearing-regulatory-hurdle-for-pyusd","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/sec-closes-paypal-stablecoin-probe-clearing-regulatory-hurdle-for-pyusd\/","title":{"rendered":"SEC closes PayPal stablecoin probe, clearing regulatory hurdle for PYUSD"},"content":{"rendered":"<p class=\"p1\">The U.S. Securities and Exchange Commission has formally ended its inquiry into PayPal\u2019s dollar-backed stablecoin, PYUSD, opting not to pursue enforcement action, according to the company\u2019s <a href=\"https:\/\/d18rn0p25nwr6d.cloudfront.net\/CIK-0001633917\/da0cc5b7-0628-4f19-bde6-a4302083a5d9.pdf\">latest 10-Q filing<\/a>.<\/p>\n<p class=\"p1\">The decision, disclosed in Q1 2025 financials, follows a <a href=\"https:\/\/cryptoslate.com\/paypal-received-sec-subpoena-regarding-its-usd-stablecoin-reports-reuters\/\">November 2023 subpoena<\/a> that had raised industry speculation over whether PYUSD might be treated as an unregistered security.<\/p>\n<p class=\"p1\">The closure of the matter removes a potential legal overhang for both PayPal and issuer Paxos, signaling a measured regulatory posture toward at least some stablecoin frameworks.<\/p>\n<p class=\"p1\">The scope of the SEC\u2019s subpoena was broad, requesting documents relating to PYUSD activity, but it stopped short of alleging specific violations. The agency\u2019s decision aligns with other moves since Gary Gensler's departure, who often claimed that many tokens constitute securities.<\/p>\n<p class=\"p1\">PYUSD\u2019s exemption from further investigation could bolster legislative momentum behind the <a href=\"https:\/\/cryptoslate.com\/senate-banking-committee-passes-genius-act-with-bipartisan-support-advancing-stablecoin-regulation\/\">GENIUS Act<\/a>, a bipartisan Senate bill proposing a separate regulatory path for payment stablecoins.<\/p>\n<p class=\"p1\">Introduced as S. 919, the bill would formalize licensing frameworks for issuers at either the Federal Reserve or state level, mandate 1:1 reserve backing, and require monthly disclosures.<\/p>\n<h2>PayPal PYUSD<\/h2>\n<p class=\"p1\">Paxos, a NYDFS-regulated trust company, launched PYUSD in August 2023 as the first payments-branded stablecoin from a prominent U.S. fintech. Issuance is backed entirely by cash and short-term U.S. Treasury bills, with monthly attestations published.<\/p>\n<p class=\"p1\">PayPal has integrated the asset into its own platforms, including Venmo, and enabled external ERC-20 transfers. PYUSD\u2019s circulating supply was approximately $879 million, accounting for under 0.5% of the <a href=\"https:\/\/defillama.com\/stablecoins\">$241 billion global stablecoin market<\/a>.<\/p>\n<p class=\"p1\">Coinbase recently <a href=\"https:\/\/www.cnbc.com\/2025\/04\/24\/coinbase-ends-fee-on-paypal-usd-purchases-as-stablecoin-race-heats-up.html\">waived<\/a> trading fees for PYUSD and added one-click redemption to USD, which may improve liquidity and reduce friction for users accessing or exiting the token.<\/p>\n<p class=\"p1\">Despite a relatively modest market share compared to incumbents like USDT and USDC, PayPal has framed PYUSD as central to its broader stablecoin strategy.<\/p>\n<p class=\"p1\">The company\u2019s roadmap includes offering over 20 million small businesses the ability to settle payments in PYUSD throughout 2025. The move positions PayPal to bypass traditional card networks and build out native stablecoin-based payment rails.<\/p>\n<p class=\"p1\">PayPal continues to acknowledge custodial and legal uncertainties tied to digital asset storage. The firm notes in its risk disclosures that custodial crypto-assets may not receive traditional bankruptcy protections.<\/p>\n<p class=\"p1\">It warns that user funds may be treated as part of the custodian\u2019s estate in an insolvency event. While these caveats remain unresolved, the absence of SEC enforcement in the PYUSD case provides some clarity in an otherwise fragmented regulatory environment.<\/p>\n<h2>Stablecoin regulation in the US<\/h2>\n<p class=\"p1\">The SEC\u2019s decision also arrives as other regulatory investigations into PayPal remain open. The Consumer Financial Protection Bureau issued a Civil Investigative Demand regarding backup funding of PayPal Credit in August 2024, and Germany\u2019s Federal Cartel Office continues a separate antitrust review. However, neither of those matters pertains to PYUSD or its crypto-related functions.<\/p>\n<p><span style=\"color: #333333;\">The SEC staff\u2019s recent April statement clarified that a specific subset of USD-backed, fully reserved, non-yield-bearing stablecoins (\u201cCovered Stablecoins\u201d) is not considered a security under the federal securities laws, as they do not meet the criteria set out in the\u00a0<\/span><em style=\"color: #333333;\">Howey<\/em><span style=\"color: #333333;\">\u00a0or\u00a0<\/span><em style=\"color: #333333;\">Reves<\/em><span style=\"color: #333333;\">\u00a0tests<\/span><span style=\"color: #333333;\">.<\/span><\/p>\n<p>However, this guidance is limited in scope and does not address all types of stablecoins, nor does it constitute formal rulemaking or a Commission-wide decision.<\/p>\n<p>Although there is still no definitive ruling on the status of stablecoins under securities law, the SEC\u2019s retreat in this case bolsters rhetoric that enforcement may not be the mechanism through which rules for dollar-backed tokens are ultimately shaped. Instead, the contours of stablecoin oversight may emerge from Congress.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Securities and Exchange Commission has formally ended its inquiry into PayPal\u2019s dollar-backed stablecoin, PYUSD, opting not to pursue enforcement action, according to the company\u2019s latest 10-Q filing. The decision, disclosed in Q1 2025 financials, follows a November 2023 subpoena that had raised industry speculation over whether PYUSD might be treated as an unregistered [&hellip;]<\/p>\n","protected":false},"author":1264,"featured_media":477232,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60793,11,32631],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEC closes PayPal stablecoin probe, clearing regulatory hurdle for PYUSD<\/title>\n<meta name=\"description\" content=\"PayPal avoids regulatory pitfalls as the SEC concludes its PYUSD inquiry without action.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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