NewsletterBreaking: SEC Subpoenas PayPal For PYUSD Crypto Stablecoin
In a breaking crypto update today, PayPal Holdings has received a subpoena from the Securities and Exchange Commission (SEC) regarding its U.S. dollar stablecoin PayPal USD (PYUSD). The SEC continues its strict enforcement approach toward crypto amid the traditional financial services companies’ move to explore the burgeoning market.
SEC Interferes with PayPal’s Crypto Dreams
PayPal in its 10-Q filed overnight said that it received a subpoena from the SEC regarding its PayPal USD stablecoin on November 1st.
“On November 1, 2023, we received a subpoena from the U.S. SEC Division of Enforcement relating to PayPal USD stablecoin. The subpoena requests the production of documents. We are cooperating with the SEC in connection with this request.”
In August, the company launched its PYUSD stablecoin, the first major financial technology firm to embrace digital currencies for payments and transfers.
Surprisingly, the SEC barely got their subpoena regarding PYUSD before PayPal’s quarterly results. SEC’s quick actions to subpoena a brand new stablecoin issuer sparks reactions in the crypto community.
Also Read: Crypto Market Rally – BitMEX’s Arthur Hayes Explains Why “It’s Time To Pump” Bitcoin
PayPal Deepens Crypto Reach
PayPal continues to explore crypto and related fields, especially after announcing PYUSD stablecoin in
In September, PayPal announced that it has taken a step forward into the Web3 area with its latest introduction of PayPal On and Off Ramps integration. On Wednesday, PayPal UK Limited successfully obtained registration with the UK’s Financial Conduct Authority (FCA) as an official crypto service provider.
However, as giants such as BlackRock, JPMorgan, and Goldman Sachs show interest in the crypto industry, the SEC remains hesitant to embrace it and continues its enforcement actions.
Also Read: Ripple CLO Stuart Alderoty And XRP Lawyers Mock SEC Chair Gary Gensler
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