$BUSD is already losing its $1 peg following the halting of issuance operations announced by Paxos
The regulatory clampdown on the cryptocurrency sector is a growing concern for market participants. The uncertainty surrounding the industry has led many to question the future of cryptocurrencies, and it remains to be seen what other regulatory actions may be taken in the coming months. Despite the uncertainty, many remain optimistic thatwill continue to play a vital role in the financial landscape, and the recent clampdown will only strengthen the industry in the long term.
Recently, the Securities and Exchange Commission had taken action and charged Payward Ventures, Inc., and Payward Trading Ltd., more commonly referred to as Kraken, with neglecting to register its offering and sale of the staking-as-a-service program for its crypto assets. The program entailed investors transferring their crypto assets to Kraken for staking, in exchange for advertised annual investment returns that could reach up to 21%.
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