Last week, rumors swirled that Paxos was the next target for regulatory action. On Sunday, the Wall Street Journal reported the Securities and Exchange Commission was preparing a suit accusing the company of issuing an unregistered security. Then on Monday, the New York-regulated company announced it would cease issuing Binance USD after the state banking regulator said Paxos couldn’t do so in a safe and sound manner.

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: ZU_09/Getty Images, modified by CoinDesk. Join the discussion at