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.
If the SEC charges Paxos, any other issuer of stablecoins should register or prepare for a court fight with the SEC, Renato Mariotti, a partner at law firm BCLP, told CNBC -
https://www.cnbc.com/2023/02/20/how-the-sec-and-paxos-busd-fight-could-impact-the-stablecoin-market.html. In this case, if the SEC recognizes BUSD as a security, then such a decision in relation to other stablecoins is only a matter of time.