off-the-wire

Paxos engaged in 'constructive discussions' with U.S. SEC over Binance stablecoin- internal email

Kitco Media
By Reuters
Published:
Updated:
Reuters
Feb 21 (Reuters) - The firm behind Binance's stablecoin, Paxos Trust Company, is having constructive discussions with the U.S. Securities and Exchange Commission after the firm disclosed that the regulator told the company it should have registered the token as a security, according to an internal email from Paxos' chief executive officer.
"We are engaged in constructive discussions with the SEC, and we look forward to continuing that dialogue in private," said Paxos CEO Charles Cascarilla in an email sent Saturday to Paxos employees.


He added that if necessary, Paxos would defend its position that Binance USD is not a security through litigation.
(Reporting by Hannah Lang in Washington)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.