PAYPAL RECEIVES SEC SUBPOENA OVER STABLECOIN

Summary from the TLDR Crypto newsletter

PayPal is cooperating with a subpoena from the SEC seeking documents following the August launch of its stablecoin. The stablecoin, which PayPal says is backed by a dollar reserve, has caused concern among some US lawmakers who believe it needs more federal regulation. Stablecoins have been in the crosshairs of regulators lately as the House Financial Services Committee recently passed a bipartisan bill aiming to provide regulatory clarity for this technology.