The Securities and Exchange Commission (SEC) completed its 16-month investigation into Paypal's USD Stablecoin (PIUSD) in Paypal in Congress and the financial guardians have released the crypto industry.
SEC has lowered PayPal's stablecoin investigation
Paypal has announced that the US SEC has lowered its investigation into the PUSD Stablecoin without implementation. After nearly a year and a half of regulatory investigation, the company revealed On Tuesday 10-Q filing the commission completed its investigation two months ago.
In November 2023, the giant payer received a subpoena from the SEC implementation division requesting “producing documents” related to PayPal USD Stablecoin. This request usually requires documents, internal communications, testimonies, and other evidence associated with the investigation.
In a previous quarterly report, Paypal shared the news, noting that the company was “cooperating with the SEC related to this request.” However, the regulatory agency in the payment company has noted that it “closes the inquiry without the action of implementation” in February 2025, Paypal announced on April 29.
PayPal discloses conclusion of SEC's probe in 10-Q filing. Source: US SEC
Interestingly, the commission began to collapse or close the crypto-related cases in the same month, noting that the recently created Crypto Task Force could affect and facilitate the potential of resolving cases.
Led by Commissioner Hester Peirce, the Task Force was launched in late January to help develop a regulation framework for crypto assets. Since then, the SEC has announced a 60-day pause in its case against the crypto exchange Binance and Gemini.
The regulatory agency followed along with the removal of demands against Coinbase, Kraken, and Consensys, and the end of its tests on Robinhood, Uniswap Labs, Crypto.com, among others, without the action of implementation.
Stablecoin regulation gets momentum
The US regulation of the US regulation follows President Donald Trump's promise to make America the “crypto capital of the planet.” As a result, the SEC and the Department of Justice (DOJ) disbanded their units dedicated to the implementation of the crypto and changed their “regulation through implementation”.
In addition, US lawmakers have introduced crypto -related law at state and federal levels, including strategic bitcoin reserve (SBR) bills and stablecoin regulations. Previously, Bank of America CEO Brian Moynihan insisted that the US banking industry was ready to embrace crypto, proving his bank would release a stablecoin if the legal framework was established.
One April 29th Report Through politico it is said that Senate leader John Thune told Republican lawmakers behind closed doors that the Chamber would vote for a Stablecoin Bill before the Holiday Day Holiday on May 26.
In February, senator Bill Hagerty introduced the guide and establishment of national innovation for the US Stablecoins (Genius) Act. The proposed law aims to develop a plot to allow tokens such as the USDT and USDC to fall under the rules of the Federal Reserve.
The bill will establish a “safe and pro-change of regulation framework that will issue a change and advance the president's mission to make America crypto capital.”
Total crypto market capitalization is at $2.87 trillion in the one-week chart. Source: TOTAL on TradingView
Featured image from NCBC News, chart from tradingview.com
Editorial process For Bitcoinist centered on delivering thoroughly researched, accurate, and unbiased content. We promote strict sources of sourcing, and each page undergoes our team's enthusiastic examination of the leading technology experts and timely editors. This process ensures the integrity, relevance, and value of our content for our readers.
