Crypto platform Paxos says US SEC not to recommend enforcement action
Adds background on crypto sector in paragraph 3, on company in paragraphs 5 & 6
July 11 (Reuters) -Paxos Trust Company said on Thursday that the U.S. Securities and Exchange Commission (SEC) will not recommend enforcement action against the crypto infrastructure platform related to the investigation of the token Binance USD.
Paxos has "always maintained that its USD-backed stablecoins are not securities under federal securities laws and that the Wells Notice was unwarranted and unjustified," the company said in a blog post.
The crytpocurrency sector was served a partial victory late last month, as a federal judge sided with a previous judge in saying that the SEC had not made its case that secondary sales of Binance's tokens – sold by sellers other than Binance on exchanges- were not securities.
Paxos, the firm behind Binance's stablecoin, was in talks with the SEC last year after the regulator told the company it should have registered the token Binance USD as a security.
Itstopped issuing new BUSD, a fiat backed stablecoin, last year after the New York Department of Financial Services ordered Paxos to stop minting the third biggest stablecoin in the world at that time, behind USDC and Tether.
Paxos had said that it would continue to support and redeem the tokens until at least February 2024.
An SEC spokesperson declined to comment.
Reporting by Pritam Biswas in Bengaluru; Editing by Shailesh Kuber
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