Opinion: SEC Chairman Gary Gensler is targeting Paxos — after he missed Do Kwon and got friendly with Sam Bankman-Fried.
On Feb. 13, a federal judge put the Securities and Exchange Commission and the Commodity Futures Trading Commission cases against former FTX CEO Sam Bankman-Fried on hold. You’ll be forgiven if you missed this story — headlines and social media were dominated by the breaking news that the SEC was suing crypto firm Paxos for minting Binance’s stablecoin, Binance USD .
The issue is that the Paxos story broke on the same day as United States District Judge Kevin Castel delayed Bankman-Fried’s case. And the ensuing stablecoin debate detracted from that very significant change, distracting many from what should have been the bigger story.Judge Castel granted a Justice Department motion to stay the FTX lawsuits filed by the SEC and the CFTC. Unsurprisingly, Bankman-Fried consented to putting the civil cases on hold.
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