Weekly Roundup 02/17/23 (BUSD Wells notice, Howey vs Reves, the SEC’s custody guidance) (EP.397)
On The Brink with Castle Island
Stablecoins - What's the Difference?
A lot of stablecoin legislation or regulatory moves would also capture structures like PayPal, their default business. So that's one way I think to defend stablecoins is to point out that it's not really that different from a PayPal, Venmo, Apple Pay,. Other systems like that where they have float and it's backed by reserves, treasuries - people are generally okay with those. It's hard to devise a legal theory that kind of distinguishes the two.
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