Federal Judge's Ruling in Favor of Cryptocurrency Could Lead to U.S. SEC Changing Position on Finding BUSD a Non-Security

The U.S. Securities and Exchange Commission has decided to tie up its investigation into New York-based stablecoin issuer Paxos, with Jorge Tenreiro, acting head of the agency's Crypto Assets and Networks division, having notified Paxos that it does not intend to build to take an enforcement action, according to Fortune, with a spokesperson for the U.S. SEC stating that it was withholding comment on the existence of a possible investigation. Analysis suggests that the U.S. SEC made the decision likely due to a change in stance as a result of a federal judge's June 28 ruling in favor of CoinShares, which found that BUSD's sale did not constitute an offering of a security and ordered the charges dismissed, and that the latest decision could boost the U.S. stablecoin industry.