Charles Cascarilla, the CEO and co-founder of Paxos Trust Company, a regulated blockchain infrastructure platform, reaffirmed the company's commitment to regulation, assuaging community concerns about the Securities and Exchange Commission's (SEC) investigation on Paxos, which had been reported a week earlier.

The revised position of the business with regard to regulatory and BUSD minting was emphasized in a message that Cascarilla shared with the Paxos team and that was published by Paxos Trust Corporation on February 21.

It's noteworthy that Cascarilla reaffirmed Paxos' commitment to “invest in setting the standard as a regulated blockchain infrastructure provider” in order to allay community concerns and uncertainties. Paxos, according to Cascarilla, genuinely feels that "thoughtful regulation" is required, saying:

"I know recent news may feel deflating knowing all of the effort and resources we have dedicated to compliance and regulation over the past decade. However, our conviction that thoughtful regulation will unlock positive societal-wide outcomes is unwavering."

He said that the corporation has been collaborating with the SEC on the release of its Clearing Agency application. Also, it has been in contact with the OOC to assist with its conditional permission to become an operationalized and launched National Trust.

In contrast to the SEC's convictions, the CEO also expressed the company's "unequivocal" stance that Binance Dollar (BUSD) is not a securities.

Moreover, Cascarilla concurred with Paxos' choice to cut connections with the top cryptocurrency exchange Binance, saying:

"The market has evolved and the Binance relationship no longer aligns with our current strategic priorities. We announced on Monday that we’re ending the relationship with Binance. Paxos’ decision was separate from the Wells Notice and the DFS directive. We believe this decision best positions Paxos to achieve our mission."

Cascarilla promised that the company's objective is to "build an open financial system where anybody may access any asset at any moment in a trustworthy fashion" as he came to a close. Also, he included updates on the $2.8 billion BUSD redemptions that the business enabled after pausing coin production.

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