בינאַנסע סעאָ זאגט אַז דיקלערינג BUSD אַ זיכערהייט וועט 'טיף פּראַל' קריפּטאָ פּראָגרעס

As קריפּטאָקוררענסי firm Paxos was forced to stop issuing the dollar-pegged Binance סימען BUSD and is facing a פּראָצעס דורך די פאַרייניקטע שטאַטן סעקוריטיעס און עקסטשאַנגע קאַמישאַן (סעק) over the issuance of the סטאַבילקאָין it considers a security, Binance’s chief has explained the implications of courts siding with the SEC.

According to the CEO of the קריפּטאָ וועקסל, Changpeng Zhao (CZ), if the courts rule BUSD as a security, significant effects can be expected on the future development of the קריפּטאָ אינדוסטריע, particularly in the areas where such a decision would pertain, as he דערקלערט אויף 13 פעברואר.

The Howey Test criteria

Furthermore, in the Twitter thread where he addresses the issue, CZ האט that he agreed with crypto analyst Miles Deutscher, who געצויגן ופמערקזאַמקייט to the fact that BUSD didn’t meet the Howey Test criteria for it to be deemed a security in the first place.

The same view was אויסגעדריקט by Ram Ahluwalia, the CEO of alternative asset investment manager Lumida Wealth, who reminded that the SEC had issued a No Action Letter צו די בלאָקקטשאַין gaming token Pocketful of Quarters in 2019.

In the document, the רעגולאַטאָר declared there was no ‘expectation of profit’ for the decentralized governance Q2 token, which had a fixed value (like a stablecoin), leading him to wonder:

“How can the SEC treat the Paxos-issued token as a security and remain consistent?”

BUSD funds are ‘SAFU’

At the same time, the Binance CEO סטייטיד that all funds were ‘SAFU,’ and that Paxos had been ordered “to cease minting new BUSD by the New York Department of Financial Services (NYDFS),” which would טאַכלעס in BUSD market cap decreasing over time.

ווי ער האט מסביר געווען:

“Paxos also assured us the funds are SAFU, and fully covered by reserves in their באַנקס, with their reserves audited many times by various audit firms already.”

Meanwhile, Paxos and BUSD are the latest victims of the wide-reaching קריפּטאָ קראַקדאַון unleashed by the U.S. government in recent days, as קריפּטאָ טריידינג פּלאַטפאָרמע קראַקען was earlier ordered to shutter its סטייקינג services in the country and the SEC chair Gary Gensler מודיע using “all means available” to “protect the ינוועסטינג public” from the crypto risks.

פעאַטורעד בילד דורך Binance.com

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