Payment giant PayPal (NASDAQ:PYPL) has received a subpoena from the United States Securities and Exchange Commission (SEC) regarding its U.S. dollar-pegged stablecoin. The subpoena requested that PayPal produce certain documents, the firm said. We are cooperating with the SEC regarding this request, PayPal noted in a financial report. The SEC has sued several of the largest local companies in the crypto industry, including its ongoing lawsuit against Coinbase (NASDAQ:COIN). In October 2023, the regulator moved to dismiss its lawsuit against Ripple, the company behind the XRP token, one of the largest cryptocurrencies by market cap.
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