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Paxos, a blockchain infrastructure platform which issues stablecoins, has confirmed active discussions with the US Securities and Exchange Commission (SEC) over issues related to binance USD (BUSD), Reuters reports, citing an internal email from the firm's head.

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Paxos CEO, Charles Cascarilla, said in the letter that the firm is "engaged in constructive discussions with the SEC, and we look forward to continuing that dialogue in private." Although details of the discussions remain undisclosed, Cascarilla reassured Paxos employees the firm would defend its position through litigation, claiming that BUSD isn't a security.

Binance Set to Pay Penalties to Deal with US Regulators: WSJ

In February, the New York State Department of Financial Services ordered Paxos Trust to suspend minting BUSD, citing several "unresolved issues" related to the firm's oversight of its relationship with crypto exchange Binance.

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