As cryptocurrency firm Paxos was forced to stop issuing the dollar-pegged Binance simge BUSD and is facing a dava Amerika Birleşik Devletleri Menkul Kıymetler ve Borsa Komisyonu tarafından (SEC) over the issuance of the stablecoin it considers a security, Binance’s chief has explained the implications of courts siding with the SEC.
According to the CEO of the kripto değişimi, Changpeng Zhao (CZ), if the courts rule BUSD as a security, significant effects can be expected on the future development of the kripto endüstrisi, particularly in the areas where such a decision would pertain, as he açıkladı Şubat 13 üzerinde.
The Howey Test criteria
Furthermore, in the Twitter thread where he addresses the issue, CZ şuraya that he agreed with crypto analyst Miles Deutscher, who dikkat çekti 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 ifade by Ram Ahluwalia, the CEO of alternative asset investment manager Lumida Wealth, who reminded that the SEC had issued a No Action Letter için blockchain gaming token Pocketful of Quarters in 2019.
In the document, the regülatör 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 belirtilen 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 sonuç in BUSD market cap decreasing over time.
Açıkladığı gibi:
“Paxos also assured us the funds are SAFU, and fully covered by reserves in their bankalar, with their reserves audited many times by various audit firms already.”
Meanwhile, Paxos and BUSD are the latest victims of the wide-reaching kripto çöküşü unleashed by the U.S. government in recent days, as kripto ticareti platform deniz canavarı was earlier ordered to shutter its Staking services in the country and the SEC chair Gary Gensler açıkladı using “all means available” to “protect the yatırım public” from the crypto risks.
Seçme görüntü Binance.com
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Source: https://finbold.com/binance-ceo-says-declaring-busd-a-security-will-profoundly-impact-crypto-progress/