Circle reportedly alerted NYDFS in autumn 2022.
on Feb. 13, ordering Paxos “cease minting Paxos-issued BUSD” and reiterating its requirements for tokens under its regime to be fully backed by cash or cash equivalents.BUSD was “not a security under the federal securities laws”, adding:
“BUSD issued by Paxos is always backed 1:1 with US dollar-denominated reserves, fully segregated and held in bankruptcy remote accounts. We will engage with the SEC staff on this issue and are prepared to vigorously litigate if necessary.”
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