Paxos is facing a lawsuit from the SEC alleging that $BUSD is an unregistered security, but the company is reportedly standing its ground and engaging in talks with the regulator to defend its position.
Cascarilla reportedly said that Paxos would consider defending its position that BUSD was not a security through litigation. On Feb. 13, the New York Department of Financial Services — Paxos is licensed in the U.S. state —
to stop the issuance of BUSD. The firm announced that it would halt minting of the stablecoin starting Feb. 21.
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