👀‼️SEC ends investigation into BUSD

The US Securities and Exchange Commission (SEC) has closed its investigation into Paxos' stablecoin BUSD without taking enforcement action. In February 2023, the New York State Department of Financial Services (NYDFS) began an investigation and later ordered Paxos to cease issuing BUSD. The SEC also planned to file a lawsuit alleging that BUSD was a security, which Paxos disagreed with. 🎉

In June 2023, the SEC brought charges against Binance and its founder Changpeng Zhao, including an unregistered BUSD offering. Despite this, Paxos continued to support stablecoin redemption and conversion operations until February 2024. In June 2024, Judge Amy Berman Jackson partially dismissed the SEC's lawsuit against Binance, granting the exchange's request to dismiss the BUSD claims. ⚖️