[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.