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Paxos in 'constructive discussions' with the SEC regarding BUSD stablecoin issuance BinanceUSD BUSD Paxos

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"We are engaged in constructive discussions with the SEC, and we look forward to continuing that dialogue in private," Cascarilla wrote, adding that if necessary, Paxos would defend its position that Binance USD is not a security through litigation.Last week, the New York Department of Financial Services ordered Paxos to halt minting BUSD following an investigation by the NYDFS and the SEC that lasted through the November collapse of crypto exchange FTX.

U.S. regulators take a very different view on the subject as the wording of the NYDFS statement on their action suggests that the regulators saw Binance and not Paxos as the bad actor in this. According to Cascarilla, the company's decision to end its relationship with Binance was separate from both the NYDFS directive and the communication it had with the SEC over BUSD.

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