a subpoena from the U.S. SEC requesting documentation about its USD stablecoin on Wednesday, the global payments giant said in a filing.
In August, the firm announced it was entering the cryptocurrency market with the U.S. dollar-pegged stablecoin, PayPal USD."On Nov. 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," PayPal revealed in its quarterly earnings report.
The lender is now seeking to liquidate its assets rather than reorganize them. The apparent U-turn by Genesis – made after the crypto lender and its parent company Digital Currency Group were sued by the New York Attorney General – could add extra delays to the wind-up process, the filing by U.S. Trustee William Harrington said. DCG is also CoinDesk’s parent company.sayings on Wall Street is that a bull market tends to stay in motion unless an external force acts upon it.