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Fortune

Marco Quiroz-Gutierrez

PayPal discloses it was subpoenaed by the SEC over recently launched stablecoin

PayPal SEC Paxos Alex Chriss Binance United States

(Credit: Gabby Jones—Bloomberg via Getty Images)

Despite a couple of recent setbacks in court, the Securities and Exchange Commission is continuing to look into crypto as TradFi firms get more involved.

As part of its third-quarter earnings on Wednesday, online payments giant PayPal disclosed that the regulator had sent it a subpoena related to PayPal USD, the stablecoin it launched in August. The company said it was cooperating with the subpoena from the SEC's Enforcement Division, which asked for related documents. PayPal didn't immediately respond to Fortune's request for comment.

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