The US Securities and Exchange Commission (SEC) has abandoned its investigation into PayPal’s US-dollar Stablecoin.
Here are the latest updates from the world of crypto over the past few days
The US Securities and Exchange Commission (SEC) has abandoned its investigation into PayPal’s US-dollar Stablecoin.
In a regulatory filing on April 29, 2025, PayPal said that the SEC concluded its investigation into PayPal USD and wouldn’t be taking any action in the matter. The company said that it received a subpoena from the SEC’s Division of Enforcement over its Stablecoin in November 2023.
PayPal said: “The subpoena requests the production of documents. We are cooperating with the SEC in connection with this request.”
In its latest filing, PayPal said the SEC notified it in February that the agency “was closing this inquiry without enforcement action.”
According to Cointelegraph, PayPal has said its Stablecoin is 100 per cent redeemable for US dollars and “fully backed” by dollar deposits, including short-term treasuries and cash equivalents.
BlackRock asset manager has filed to create digital ledger technology shares from one of the firm’s money market funds. This will leverage blockchain technology to maintain a mirror record of share ownership for investors.
The firm said in its April 29, 2025 Form N-1A filing with the US SEC that the DLT shares will track BlackRock’s BLF Treasury Trust Fund, which may only be purchased from BlackRock Advisors and The Bank of New York Mellon (BNY). The money market fund holds over $150 million worth of assets, invested almost entirely in US Treasury bills and cash.
BlackRock said that the shares “are expected to be purchased and held through BNY, which intends to use Blockchain technology to maintain a mirror record of share ownership for its customers.” BlackRock will continue to maintain traditional book-entry records as the official ownership ledger.
A lawsuit has been filled against Nike accusing the sportswear giant of operating a rug pull for shuttering its non-fungible token (NFT) platform RTFKT in January 2025.
According to Cointelegraph, the group of RTFKT users led by Jagdeep Cheema claimed in the proposed class suit filed in a Brooklyn federal court on April 25, 2025 that they suffered “significant damages” as a result of Nike touting its sneaker-themed NFTs to gain investors, then shuttering the platform.
The legal complaint said that NFTs qualified as unregistered securities because Nike failed to obtain SEC registration for their digital product sales. RTFKT received assistance from Nike’s recognisable brand and powerful marketing abilities to promote the unregistered securities within its products.
According to the legal argument the Nike NFT values derived their worth through the successful achievements of promoter Nike alongside its marketing operations with the expectation that investors would watch their digital assets appreciate through enhanced popularity of Nike brand projects.