SEC Subpoenas PayPal Over PYUSD Stablecoin

The U.S. Securities and Exchange Commission (SEC) has issued a subpoena to PayPal, requesting documentation about its USD stablecoin. PayPal announced its entry into the cryptocurrency market with the launch of PayPal USD, a U.S. dollar-pegged stablecoin, in August. The subpoena, received on November 1, 2023, seeks the production of documents, and PayPal stated that it is cooperating with the SEC. In other news, crypto lender Genesis has changed its bankruptcy plan to liquidate its assets instead of reorganizing them, following a lawsuit by the New York Attorney General. Meanwhile, Matrixport predicts that Bitcoin could rise to $56,000 by the end of the year, based on historical trends and the potential for a Santa Claus rally.