Paxos Takes on SEC as Asian Crypto Trading Volume Increases by 80% Blockchain News, Opinion, TV and Jobs

Marcus Sotiriou, Market Analyst at Listed Digital Asset Broker global block (TSXV: Block).

Bitcoin is currently consolidating around $24,500 after it surged to $25,000 last week. Crypto investors have not been phased amid the recent regulatory onslaught in the US.

Last week, the SEC issued a Wells Notice to Paxos (the issuer of BUSD), which has a direct relationship with global digital asset platform Binance. The SEC told Paxos that he plans to sue for the issuance of BUSD, presumably because BUSD is a security. But today, it was reported that Paxos said he was prepared to challenge the SEC over the company’s claim that BUSD is a security. Details of the SEC’s case have not been made public, but I think Paxos has a very good chance of winning this challenge. This is because all definitions of securities include use as an investment with the expectation of a return. It is difficult to understand how/why the SEC made these claims, as a non-rising stablecoin like BUSD is not expected to be profitable. Paxos is the only US-based company directly affiliated with Binance, so this could be a backdoor method of targeting Binance.

Southeast Asia’s largest bank, DBS, has revealed that its digital asset platform trading volume will grow by 80% in 2022, while ETH trading volume will surge by 65%. A DBS executive said, “We believe the market is focused on trust and stability, especially following the multiple scandals that have rocked the industry.”

Will the next bull market start in the East amid lack of clarity for US crypto firms? , a reminder that even the United States may be left behind in the Fourth Industrial Revolution.