After releasing its new stablecoin PYUSD, the payments giant Paypal disclosed that the U.S. Securities and Exchange Commission (SEC) subpoenaed the company concerning the stablecoin. Paypal stated in its Form 10-Q for the third fiscal quarter that it had been asked to produce documents for the SEC and is “cooperating” with the securities regulator. Paypal…
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Jay Clayton, former chair of the U.S. Securities and Exchange Commission (SEC), has revealed his stance on the recently implemented enforcement strategy of U.S. regulators. In an interview on CNBC, Clayton stated that the SEC’s strategy of bringing myriad cases to court against U.S. corporations was problematic “at a 30,000-foot level.” Jay Clayton Criticizes SEC’s…
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According to a recent report, the cryptocurrency exchange Bittrex received a Wells notice from the U.S. Securities and Exchange Commission (SEC) in March, signaling a potential lawsuit. The SEC’s enforcement division sent the Wells notice prior to Bittrex deciding to wind down its operations in the United States. ‘Lack of Regulatory Clarity’ in the U.S.…
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Crypto exchange Binance expects to pay fines to U.S. authorities to settle regulatory and law-enforcement investigations over its past conduct, the company’s chief strategy officer reportedly said. When Binance began its business, the company was unfamiliar with the rules it needed to comply with in the U.S., the executive explained. Binance Plans to Settle With…
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During the first week of 2023, payment service giant Paypal said it was exploring the launch of a stablecoin. At the time, an executive at Paypal stated that if the company moved forward, it would work closely with financial regulators. However, on Feb. 10, a source noted that Paypal has put the concept on hold…
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The U.S. Financial Stability Oversight Council (FSOC), a group of the country’s top financial regulators, has urged Congress to pass legislation for the regulation of crypto assets. Treasury Secretary Janet Yellen said: “Crypto-asset activities could pose risks to U.S. financial stability if their interconnections with the traditional financial system or their overall scale were to…
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A recent court filing stemming from the Southern District of New York shows that a U.S. district judge has ordered the crypto startup Terraform Labs to comply with the Securities and Exchange Commission’s (SEC) subpoenas. During the second week of November 2021, the U.S. regulator filed a subpoena enforcement action against Terraform Labs and the…
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Crypto exchange Coinbase has been meeting with a number of regulators to convince them that the U.S. should have just one federal regulator overseeing the crypto sector. Currently, there is a variety of different regulators in the U.S., CEO Brian Armstrong explained, noting that Coinbase has “53 regulators in just one country, the United States.”…
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