Weekly Roundup 02/17/23 (BUSD Wells notice, Howey vs Reves, the SEC’s custody guidance) (EP.397)
On The Brink with Castle Island
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Binance Smart Chain - Is BUSD a Security?
If the SEC's posture was all fiat back, stablecoins are securities, I believe they would have acted differently and gone more broad base in terms of going after these issues. The issue is more regarding BUSD being issued on chains that wasn't authorized as far as I can tell. It doesn't immediately jump out to me that that would be a security even with everything you just said about how Binance is treating it after Paxos issues.
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