Weekly Roundup 06/02/23 (Crypto-eurodollars, SBF's defense, debt ceiling debate) (EP.428)
On The Brink with Castle Island
The DFS, the SEC, the OCC and the Fed Harassing Paxos and PayPal
Paxos gets slapped down because of the BUSD, which I do not think that BUSD is secure. We've covered this. Not even close. So but then somehow PayPal gets a ricochet shot because they're about to use Paxos as their backend provider. Meanwhile, Paxos's US dollar stable coin, their own thing, is still live. Is the SC trying to say that PayPal's stablecoin was going to be a security? That seems like a dramatic stretch.
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