It is with a certain wry amusement that one must report: PayPal, that bustling merchant of digital coinage, has received, from the august chambers of America’s Securities and Exchange Commission, a letter of such icy finality that it would have chilled even the fortified resolve of those old bureaucrats themselves. The case concerning PYUSD—a stablecoin as steadfast as my aunt’s distaste for progress—has evaporated into bureaucratic ether, no further action pursued.
The chronicle of this spectacle dates back to November 2023, when PayPal, minding its own substantial business, was served with a subpoena from the Enforcement Division. (The document arrived, one imagines, with neither flowers nor apologies.).
Now, in the spring air of April 29, a regulatory filing quietly noted that the investigation has expired, somewhat like last week’s bread at the local inn. One can almost picture PayPal’s executives raising a celebratory glass, grinning in the shadow of faded governmental suspicion. Thus, the clouds part, and PayPal’s crypto aspirations—long battered by suspicion—may once again bask in the less-than-warm sun of regulatory indifference. If the revolution is not yet here, at least the paperwork has ended.
Emojis, alas, offer little comfort to government agents—yet PayPal marches on: 🚶♂️💵🎉.
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2025-04-30 11:40