How Uncle Sam may overthrow Satoshi as the ruler of digital currency using stablecoins as a tool of statecraft
Join Our Telegram channel to stay up to date on breaking news coverage The SEC shocked the cryptocurrency community last week when it revealed that it was bringing charges against Paxos for issuing an unregistered security in its BUSD stablecoin—a claim that the business “categorically disagrees with.” The Securities and Exchange Commission has not said how BUSD, which according to Paxos is completely backed and fully redeemable, could be considered a security. Also, it hasn’t provided any advice to other stablecoin suppliers. One of the most revolutionary financial technologies to emerge in the previous ten years is stablecoins, or cryptocurrencies linked to the value of the US dollar. But, the SEC is actively pursuing them. The largest online payment processor in the world, PayPal, recently decided to halt the creation of its own stablecoin amid speculations that the federal government may now regulate stablecoins as securities. The SEC is flirting wit...