PayPal, the global payments firm, has received a subpoena from the US Securities and Exchange Commission (SEC) regarding its PYUSD stablecoin. The subpoena requests the production of documents, and PayPal has stated that it is cooperating with the SEC in connection with this request. This comes as regulatory scrutiny around stablecoins increases, with Circle, the issuer of the USDC stablecoin, recently arguing that financial trading laws should not apply to stablecoins in the SEC’s case against Binance. PayPal’s entry into the stablecoin market with PYUSD, which is regulated and fully backed by the US dollar, raised concerns in Washington about tech platforms expanding into digital assets. The SEC investigation into PayPal’s stablecoin will likely add urgency to the ongoing debates over pending crypto regulation in Congress.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	Maxine Waters
Companies	PayPal, US Securities and Exchange Commission (SEC), Binance, Paxos, House Financial Services Committee
Currencies	Stablecoin, PayPal USD, USDC, cryptocurrencies, US Dollar
Securities	None