PayPal Gets a ‘Hey, You Up? ‘ Text From U.S. Regulators

Welcome to the Regulatory Dating Game

Being a popular payments giant has its perks, but also means lots of eyeballs. Just ask PayPal – they’ve just received their regulatory sliders-in-the-DMs moment, courtesy of the U.S. Securities and Exchange Commission (SEC). Apparently, having shiny, new dollar-pegged stablecoins is something to write home about – or, better yet, something to write a subpoena about, according to Reuters. 

The Sound of The Subpoena’s Horn

And the trumpet sounded…”Are you and your stablecoin playing by the rules?” the SEC asked piercingly, sliding into PayPal’s inbox with an unexpected subpoena. TechCrunch wanted a piece of the action too, reaching out to PayPal for some juicy details, but alas, the payments giant appears as silent as a mime on a stealth mission.

Hot Take:

Now, here’s a hot take for you: it looks like the SEC is that annoying neighbor who becomes overly curious about your new, shiny motorcycle. “Hey, you didn’t steal that, right?” But you can’t blame them. After all, they’re just following the supreme law of the land: “If something is too good to be true, it usually is… so subpoena the heck out of it!”

Original article: https://techcrunch.com/2023/11/02/sec-subpoenas-paypal-over-its-usd-pegged-stablecoin/