Breaking: US SEC Enforcement Division Subpoenas PayPal For PYUSD Stablecoin – Details

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 said that it received a subpoena from the SEC regarding its PayPal USD stablecoin on November 1.

“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.

PayPal Deepens Crypto

The post Breaking: US SEC Enforcement Division Subpoenas PayPal For PYUSD Stablecoin – Details appeared first on CoinGape.