SEC Sends PayPal Subpoena Related To Its PYUSD Stablecoin.

The world is changing at breakneck speed, technology is advancing, society is transforming, and so is money. But not everything is positive in this innovation process, there are those who take advantage of people's trust to deceive and steal from them. Will it be the case of PayPal? Let's talk first about the actors:

📌 PayPal is an online payment service that allows users to send and receive money quickly and securely. It can be used to make online purchases, send money to family and friends, or receive payments for services provided. It works by connecting your bank account or credit card to your PayPal account. When you make a purchase with PayPal, the seller does not directly receive your financial information. Instead, PayPal transfers the money from your account to the seller's account. This payment method is considered one of the safest ways to make online payments. The company uses an encryption system to protect your financial information. Additionally, it offers a buyer protection program that covers you in case you do not receive the product or service you purchased. It is available in more than 200 countries and territories and can be used on a wide range of websites and applications.

📌 The SEC is the United States Securities and Exchange Commission, a federal government agency that is responsible for regulating and supervising financial markets and "protecting investors" 😭🤬😬 and the great antagonist of cryptocurrencies (nothing more what to say, without words).

The subpoena sent to PayPal by the United States Securities and Exchange Commission asks it to hand over documents about its stablecoin called PayPal USD (PYUSD), which is supposed to be backed by the US dollar. The SEC wants to investigate whether the company has complied with the rules applicable to stablecoins and whether it has adequately informed its users about the risks and benefits of using its currency. Additionally, there have been rumors (I said rumors: information whose veracity is in doubt or cannot be corroborated) that PayPal has been lying and manipulating the value of its currency to benefit at the expense of its users.

Other sources have also speculated that PayPal has been using a fractional reserve system, similar to that used by traditional banks. This means that PayPal only holds part of the money it claims to have, and the rest is lent or invested in other assets. In this way, the company generates profits with its users' money, but also assumes a risk. If many users want to withdraw their money at the same time, the payment gateway will not be able to return it, and a liquidity crisis will occur.

This type of scandal is becoming very "common", other stablecoins, such as Tether or USDT, have also been accused of not having sufficient support to guarantee their value. These practices endanger the credibility and security of the monetary system, and affect the trust of users. Furthermore, they demonstrate that the current monetary system is a farce, which is based on illusion and lies. The money we use has no intrinsic value, but depends on the trust we place in it. And that trust can be broken at any time.

However, looking at it from another perspective, although I deviate a little from the main topic, the reality could be as simple as that stablecoins are the enemy of the current monetary system, since they threaten to undermine the monetary sovereignty of countries and erode the power of the central banks. Alternatives that do not depend on corrupt or manipulative intermediaries and are based on blockchain technology, allowing the creation of decentralized, secure and transparent networks. Ecosystems that empower people and give them control over their money. Those digital currencies of the future that are not subject to inflation, devaluation or censorship and that have the power to change the world.

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Author's Note: The opinion expressed here is not investment advice, is provided for informational purposes only, and reflects the opinion of the author only. I do not promote, endorse or recommend any particular investment. Investments may not be right for everyone. Every investment in the market and every trade you make involves risk, so you should always do your own research before making any decision. I do not recommend investing money that you cannot afford to chair, as you could lose the entire amount invested.

💖 Originally Posted: Publish0x