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Securities lawyers say the SEC may struggle to win a lawsuit over stablecoins, such as Paxos' BUSD, because owners do not expect profits, part of the Howey test (Dave Michaels/Wall Street Journal)

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Dave Michaels / Wall Street Journal:

Securities lawyers say the SEC may struggle to win a lawsuit over stablecoins, such as Paxos’ BUSD, because owners do not expect profits, part of the Howey test  —  Agency investigates whether the cryptocurrencies’ issuance violated investor-protection laws  —  Washington’s battle to rein in crypto has a new front: stablecoins.



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