As Cryptocurrency firm Paxos was forced to stop issuing the dollar-pegged Binance знак БУЗД and is facing a тужба од страна на Комисијата за хартии од вредност на САД (ДИК) over the issuance of the стабилен it considers a security, Binance’s chief has explained the implications of courts siding with the SEC.
According to the CEO of the крипто размена, Changpeng Zhao (CZ), if the courts rule BUSD as a security, significant effects can be expected on the future development of the крипто-индустрија, particularly in the areas where such a decision would pertain, as he објасни на 13 февруари.
The Howey Test criteria
Furthermore, in the Twitter thread where he addresses the issue, CZ рече that he agreed with crypto analyst Miles Deutscher, who привлече внимание 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 изрази by Ram Ahluwalia, the CEO of alternative asset investment manager Lumida Wealth, who reminded that the SEC had issued a No Action Letter до blockchain gaming token Pocketful of Quarters in 2019.
In the document, the регулатор 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 изјави 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 резултира in BUSD market cap decreasing over time.
Како што објасни:
“Paxos also assured us the funds are SAFU, and fully covered by reserves in their банки, with their reserves audited many times by various audit firms already.”
Meanwhile, Paxos and BUSD are the latest victims of the wide-reaching крипто сузбивање unleashed by the U.S. government in recent days, as крипто-трговија платформа Kraken was earlier ordered to shutter its staking services in the country and the SEC chair Gary Gensler објави using “all means available” to “protect the инвестирање public” from the crypto risks.
Избрана слика преку Binance.com
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Source: https://finbold.com/binance-ceo-says-declaring-busd-a-security-will-profoundly-impact-crypto-progress/