The founder and chief executive of Binance spoke in a Twitter AMA (Ask Me Anything) about different hot topics in the cryptocurrency community as of now, with one of them being expectedly the BUSD clampdown from US authorities.
He suggested that the global cryptocurrency ecosystem would benefit if dollar-pegged stablecoins face rivals from other such tokens pegged to different fiat currencies.
Not Just USD
The cryptocurrency community witnessed enhanced regulatory scrutiny in the past few days coming from various US watchdogs. It began with rumors that the SEC will go after staking, which materialized days later when the securities regulator halted Kraken’s staking services.
With concerns growing that this crackdown will only intensify and possibly affect Coinbase, which has a similar platform, the company’s stock went on a downfall, closing the week with a massive 22 drop. Cryptocurrency asset prices also declined.
However, that was just the start, as the SEC reportedly then sent a Wells notice to Paxos suggesting it could take legal action against the issuer of Binance USD because it allegedly sells unregistered securities with the stablecoin.
