[zomgbbq]

This coin is issued by Paxos. Paxos, by the way, hands down has the worst interview process of any company I've spoken to in my 30 years of working in engineering. So while I am rooting for regulated stable-coins as a technology, I have to admit some feelings of schadenfreude.

[matthewdgreen]

The coin is issued by Paxos on chain but it’s not clear to me whether Paxos or PayPal holds the backing dollars. I would imagine PayPal being essentially a bank does a lot of that work, and so it makes sense for the SEC to subpoena PayPal itself. Of course the real problem here is the current situation where NYDFS regulates legal stablecoins in NY, and then the SEC pursues a different theory in which they’re maybe unlicensed securities, and meanwhile other Federal regulators have jurisdiction over banking and commodities. The whole thing is a mess.

[klyrs]

On the other hand, PayPal stole my money so I must admit the same feeling.

[phatskat]

I’m curious to hear more about the interview process and how it went.