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🌙 SEC Drops Enforcement Action Against Paxo

Paxos reported receiving a letter from the SEC’s acting crypto chief stating the regulator has concluded its investigation and “does not intend to recommend an enforcement action.”

Author

Mike Gavela
July 11, 2024

Crypto Roundup - July 11

The SEC has decided to drop its enforcement action against Paxos, which was initially targeted for issuing Binance USD (BUSD) stablecoins, marking a significant shift in regulatory stance. Meanwhile, CFTC Chair Rostin Behnam asserted that over 70% of crypto assets are not securities, emphasizing the need for clarity in regulatory frameworks. Additionally, JPMorgan forecasts a potential Bitcoin rebound in August, attributing this to decreasing inflation and improved macroeconomic conditions.

Top Stories:

  • SEC drops enforcement action against Paxos regarding BUSD issuance.

  • CFTC Chair asserts over 70% of crypto assets are not securities.

  • JPMorgan predicts Bitcoin rebound in August due to improved macroeconomic factors.

TOP STORIES

SEC will not pursue enforcement action against Paxos

Paxos reported receiving a letter from the SEC’s acting crypto chief stating the regulator has concluded its investigation and “does not intend to recommend an enforcement action.”

cointelegraph.com/news/sec-enforcement-action-paxos-dropped

CFTC Chair Asserts At Least 70% of Crypto Assets Are Not Securities - The Defiant

The chairman of the CFTC told the U.S. Senate that at least 70% of cryptocurrencies do not comprise security assets.

thedefiant.io/news/regulation/cftc-chair-asserts-at-least-70-of-crypto-assets-are-not-securities

Why JPMorgan sees a Bitcoin rebound in August

The crypto industry has seen $8 billion in inflows this year so far — a far cry from the roughly $40 billion a year of the last bull market.

www.dlnews.com/articles/markets/why-jpmorgan-sees-a-bitcoin-rebound-in-august

OTHER HEADLINES

Judge Sends Coinbase Back to the Drawing Board Over Efforts to Subpoena SEC’s Gary Gensler

The New York judge overseeing the SEC’s case against Coinbase said the crypto exchange’s attempts to subpoena Gensler’s personal devices were surprising – “and not in a good way.”

www.coindesk.com/policy/2024/07/11/judge-sends-coinbase-back-to-the-drawing-board-over-efforts-to-subpoena-secs-gary-gensler

Tokenized treasurys are ‘growing way faster than stablecoins:’ Securitize CEO

Securitize CEO Carlos Domingo thinks BUIDL will potentially hit its next $500 million milestone in just a few months.

blockworks.co/news/securitize-ceo-on-tokenized-treasurys-growth

Cypherpunk seeks more crypto investments after SOL buy, new CEO says

The former Valkyrie CEO chats with Blockworks about what she has her eye on as Cypherpunk Holdings’ new leader.

blockworks.co/news/former-valkyrie-ceo-interview-on-being-cyperphunk-ceo

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