Quote from: Kemarit on Today at 10:47:35 AM

Quote from: ChillyMatthew on February 22, 2023, 04:55:52 PM

GM crypto fam.

So, the NY Department of Financial Services has ordered Paxos to stop minting BUSD effectifly as of yesterday (Feb. 21st).

How big of an impact is the government's crackdown on crypto going to have on the crypto market's growth in the US?

This is no hype, if NY Department of Financial Services can ordered and be authoritative, then sooner or later other state regulatory body might follow suit as well.

But not sure if we can call it a crypto crackdown, maybe they just find something is not right on Paxos and BUSD that's they stop it. I haven't follow the news so not sure if Paxos will have to fight his case or just comply with the law.

So for me there is no effect on us and this is not a crackdown.

If others might follow then it can truly be considered as a hype. A crackdown means to restrict something so yeah it is. I click on the link provided by the OP but I can't find the post there about Paxos and BUSD so I search and find this website : > https://www.cnbc.com/2023/02/20/how-the-sec-and-paxos-busd-fight-could-impact-the-stablecoin-market.html.

It is said that SEC sees BUSD as a kind security and they mentioned something about registration. Maybe the issue can still be sorted out once the registration has been done so I think this isn't something that everyone should worry about. By the way, you can try to click on the link to have a better understanding because the post is a bit lengthy and I might missed some key information there.