Tether market cap nears $70B as SEC crypto crackdown hurts stablecoin rivals By Cointelegraph

The United States Securities and Exchange Commission (SEC) plans to sue Paxos for issuing and listing its Binance USD (BUSD) stablecoin, benefitting its top-rival, (USDT), whose market capitalization has risen to multimonth highs.

The SEC claims that BUSD, a U.S. dollar-backed stablecoin, is a security, noting that Paxos has violated investor protection laws by white-labeling it.