PANews reported on July 11 that according to Fortune magazine, the U.S. Securities and Exchange Commission decided to end its investigation into New York stablecoin issuer Paxos and determined that BUSD was not a security. On July 9, Jorge Tenreiro, acting director of the Crypto Assets and Networks Division, said in a letter to Fortune that he had no intention of recommending enforcement action. More than a year ago, the Securities and Exchange Commission issued a Wells Notice, or a notice of impending enforcement action, to Paxos, targeting the U.S. dollar-backed BUSD stablecoin issued by Paxos in cooperation with Binance. Walter Hessert, head of strategy at Paxos, said in an interview: "The formal termination of this investigation is a huge relief for us. This is what we have always expected, and it should indeed create more certainty for the market, and we are seeing more and more large companies joining in."