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PayPal Stablecoin Faces SEC Subpoena, Genesis Shifts Bankruptcy Strategy

Nov 2, 2023
Market Update Yesterday afternoon, both crypto and equity markets experienced a significant surge during Federal Reserve Chairman Powell's press conference, an event that numerous observers are labeling as a potential dovish shift. Stocks climbed approximately 1%, and $BTC saw an over 2% increase, while the 10-year yields sharply declined to around 4.65%, markedly below the recent peak of 5% two weeks ago. Since the gains from yesterday afternoon, digital asset prices have remained relatively stable, while stocks and bonds have continued rising. Investor focus is turning towards Apple’s earnings announcement, expected later today after the market closes. Longer-term markets will be focused on the next two jobs reports and inflation readings, which will set the tone for whether the Fed hikes in December. CME probabilities currently price an 83% chance rates remain unchanged through year-end, which could provide relief for risk-on assets that have faced pressure from elevated bond yields over the last month.PayPal recently disclosed that it received a subpoena from the U.S. Securities and Exchange Commission (SEC) concerning its PYUSD stablecoin. The company is cooperating with the SEC's document request. While SEC subpoenas are investigative tools and don't always lead to legal

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