Posted 11/2/2023, 10:58:37 AM
PayPal Receives SEC Subpoena Over Stablecoin Plans Amid Increased Regulator Scrutiny of Crypto
- PayPal received SEC subpoena relating to its stablecoin PayPal USD
- Subpoena requests production of documents, PayPal cooperating
- SEC subpoenas legally enforceable requests for evidence in investigations
- PayPal and Paxos announced PayPal USD stablecoin plans in August
- Stablecoins aim to offer stability amid crypto volatility by pegging to fiat
- PayPal enters crowded stablecoin market, hoping its brand gives advantage
- Stablecoin growth and Terra collapse has drawn regulator attention
- Lawmakers say regulation needed to keep U.S. as digital asset leader