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tl;dr
The SEC has ended its investigation into Paxos, indicating that stablecoins are generally not considered securities. This decision follows a court ruling favoring Binance and its BUSD stablecoin, influencing the SEC's stance. The move is seen as a positive development in light of Congress delaying n...
SEC Ends Paxos Investigation, Clarifies Stablecoin Status The Securities and Exchange Commission (SEC) has ended its investigation into Paxos, indicating that stablecoins are generally not considered securities. This decision follows a court ruling favoring Binance and its BUSD stablecoin, influencing the SEC's stance. The move is seen as a positive development in light of Congress delaying new crypto regulations.
Paxos expressed relief and expects the decision to bring more certainty to the market. The verdict could strengthen the stablecoin sector in the US, which has faced regulatory uncertainty. The crypto industry has long wanted clear rules on whether stablecoins should be considered securities.
On July 9, Jorge Tenreiro, acting chief of the SEC’s crypto assets and cyber unit, told Paxos that he would not recommend enforcement action, according to a letter obtained by Fortune. This conclusion came more than a year after Paxos received a Wells notice from the SEC. The warning indicated a possible enforcement action regarding the BUSD stablecoin, issued in collaboration with Binance.
“The end of this investigation is a huge relief for us,” said Walter Hessert, head of strategy at Paxos. “We expected this outcome and it should provide more certainty in the market for large enterprises.” Paxos introduced BUSD with Binance in September 2019. Although BUSD did not overtake its competitors, Tether’s USDT and Circle’s USDC, it became a major player due to its integration with Binance’s ecosystem.
The recent verdict could strengthen the stablecoin sector in the US, which has faced regulatory uncertainty, leading some companies to explore opportunities abroad.
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MicroStrategy Incorporated Summary
MicroStrategy Incorporated provides global business analysis software and services. The company is headquartered in Tysons Corner, Virginia.
Industry: TECHNOLOGY
Sector: SERVICES-PREPACKAGED SOFTWARE
Market Cap: 23.16 billion
Dividend Yield: None
Beta (5Y Monthly): -10.71
52-Week Change: 32.62
52-Week High: -0.174
52-Week Low: 489592000
Shares Outstanding: 1959.82
EPS: -0.775
PE Ratio: -0.055
More about NVIDIA Corporation
NVIDIA Corporation Summary NVIDIA Corporation is an American multinational technology company incorporated in Delaware and based in Santa Clara, California. It designs graphics processing units (GPUs) for the gaming and professional markets, as well as system on a chip units (SoCs) for the mobile computing and automotive market.
Industry: MANUFACTURING, SEMICONDUCTORS & RELATED DEVICES
Market Cap: 331.86B
Current Price: 78.89
Change: 1.6% (0.016)
Dividend Yield: 1.71%
EPS: 3.234
PE Ratio: 0.534
Revenue: 79.77B
52-Week High: 122.54
52-Week Low: 6.5
Price to Sales: 2.621
More about C3 Ai Inc
Company: C3 Ai Inc
Symbol: C3
Sector: Technology
Industry: Services - Prepackaged Software
Market Cap: 3830652000
Dividend Yield: None
EPS: -2.34
PE Ratio: 2.602
ROE: -0.901
Volume: 310582000
Stock Price: 29.35
52-Week High: 0
52-Week Low: 0.196