The U.S. Securities and Exchange Commission has ended another high-profile investigation into a crypto-related firm after dropping inquiries into PayPal’s (NASDAQ:PYPL) PYUSD stablecoin.
Financial technology titan, PayPal, confirmed this development in its Q1 financial report, released on Tuesday, April 29. The SEC had launched an investigation into the prominent payment firm’s stablecoin, PYUSD.
The SEC launched an investigation into PayPal’s PYUSD in November 2023, three months after its launch.
The prominent payment firm disclosed that the SEC served it with a subpoena, requesting documents related to the stablecoin.
However, its recent regulatory filing disclosed that the SEC confirmed in February that it was closing the over one-year investigation without any enforcement action.
The recent development adds to the growing list of crypto firms the commission has let off since Donald Trump resumed office.
The SEC has officially ended its litigation and investigation against Coinbase (NASDAQ:COIN), Kraken, and Consensys, while the regulator has also agreed to drop charges against, among others,
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