The SEC's Jurisdiction on Stablecoins

The SEC filed a motion to bar final approval of Binance's one billion dollar bid for assets belonging to bankrupt crypto lending firm Voyager digital. Jimulie Jeremy Allaire the CEO of USDC issuer Circle said that payment stablecoins are payment systems not securities. The first publicly listed crypto exchange on the NASDAQ is fighting a securities battle of its own related to its staking products it also questioned the SEC's decision to get involved with stablecoins and claim that they are securities 2022 was a disastrous year for the crypto industry seeing most crypto assets lose more than 70 percent of their valuation from the market highs outside the crypto winter. In 2023 the tables have turned with regulatory agencies coming out in full