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PYUSD Loans and Tokenized Assets: A New Era in DeFi

Unleashing Potential: PYUSD Loans and Tokenized Real World Assets In a groundbreaking development within the decentralized finance (DeFi) sector, a Swiss-based platform, Backed, has emerged as a pivotal player by powering PYUSD loans through tokenized Treasury Bill ETFs. This innovative approach not only enhances the utility of PYUSD but also provides new avenues for users to earn yield on their deposits, thus reshaping the landscape of stablecoins and lending markets. The Mechanics of PYUSD Loans Depository Functionality : Users can deposit PYUSD, a regulated USD stablecoin issued by Paxos for PayPal, into a Morpho Blue vault. This vault supports two types of collateral: Backed's tokenized Treasury Bill ETFs Lido’s wstETH Yield Generation : Depositors of PYUSD earn yield by lending to borrowers who take out loans. This dual engine mechanism—an innovative blend of real-world yields and crypto rewards—optimizes returns across varying market conditions. Tokenized Rea
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Produced by Daniel Aharonoff & Mogul Media AI

Legal Showdown: SEC vs. Coinbase - Regulatory Battle in the Crypto Industry

In a much anticipated legal showdown, attorneys for the Securities and Exchange Commission (SEC) and Coinbase squared off in a Manhattan courtroom on Wednesday, arguing over whether the SEC's lawsuit against Coinbase should be dismissed. The federal regulator accused the crypto exchange last June of operating illegally, in violation of securities laws. Over the course of a nearly five-hour hearing, U.S. District Judge Katherine Polk Failla prodded both sides on the merits of their respective arguments. She seemed particularly willing to question the SEC's claim that existing securities laws can so easily apply to the novel cryptocurrency industry.

Judge's Concerns:

  • Judge Failla expressed fear that the SEC's argument might be sweeping too broadly.
  • She raised a hypothetical scenario where a ruling in the SEC's favor could open the door to a Beanie Babies class action lawsuit.
  • Judge Failla questioned the SEC attorney about the implications of their test on collectibles or commodities.

In a lively exchange, an SEC attorney tried to minimize the significance of a brief filed in support of Coinbase by Senator Cynthia Lummis (R-WY), a noted crypto advocate. However, Judge Failla seemed unconvinced by the attorney's argument and even suggested that the SEC attorney was not showing proper deference to Senator Lummis.

Senator Lummis' Involvement:

  • Judge Failla highlighted Senator Lummis' significant involvement in the crypto space.
  • She mentioned that Senator Lummis is a co-sponsor of legislation proposing a regulatory framework that differs from the Howey Test.
  • Senator Lummis' proposed legislation aims to create a specialized regulatory framework for the digital assets industry, stripping the SEC of its authority to sue most crypto projects and exchanges.

Judge Failla's comments during the hearing indicated a level of sympathy towards Senator Lummis' perspective and suggested a willingness to consider alternative regulatory frameworks for the crypto industry.

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