The SEC is focusing on the stablecoin, but why the government aims to prevent the future?
People only see the SEC is an enemy of crypto but do you think crypto is always the right way?
After the FTX, crypto has changed. It becomes a self-delusion to want to get into its own mind.
If you really research Paxos, you will find something very strange.
Paxos is an issuer for BUSD, a stablecoin that linked to Binance, one of the largest crypto exchanges.
Issuer of stablecoin needs crypto exchange to help arbitrage to make profits but what if the crypto exchange highly leveraged the stablecoin itself?
There is no rule to prevent crypto exchange from doing so even it is a self-destruction act.
But FTX did it, why not?!
The real question is, who are behind those stablecoin projects?
We do not know, and that is a big problem!
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