US SEC Enforcement Division Subpoenas PayPal For PYUSD Stablecoin

US SEC Enforcement Division Subpoenas PayPal For PYUSD Stablecoin

PayPal Holdings, a global payments giant expanding deeper into the crypto space, has received a subpoena from the Securities and Exchange Commission (SEC) regarding its U.S. dollar stablecoin PayPal USD (PYUSD). The SEC continues its strict enforcement approach toward crypto amid the traditional financial services companies’ move to explore the burgeoning market.

PayPal Gets SEC Subpoena Before Earnings

PayPal in its 10-Q filed overnight, PayPal says that yesterday it received a subpoena from the SEC regarding its PayPal USD stablecoin

“On November 1, 2023, we received a subpoena from the U.S. SEC Division of Enforcement relating to PayPal USD stablecoin. The subpoena requests the production of documents. We are cooperating with the SEC in connection with this request.”

In August, the company launched its PYUSD stablecoin, the first major financial technology firm to embrace digital currencies for payments and transfers.

Surprisingly, the SEC barely got their subpoena regarding PYUSD before PayPal’s quarterly results. SEC’s quick actions to subpoena a brand new stablecoin issuer sparks reactions in the crypto community.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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