Crypto Payments Boom? PayPal Expands Crypto Portfolio!

PayPal Expands Crypto Portfolio: Which 2 Tokens Can Now Trade on the Platform?

According to PayPal’s crypto FAQs page, digital asset users in the US and US territories can now purchase, sell, hold, and transfer Solana and Chainlink directly on the platform for the first time. Prior to the recent listing, buyers of SOL or LINK on MoonPay, a cryptocurrency-native service provider, could only pay with PayPal.

Since October 2020, PayPal has provided cryptocurrency services. The company first offered its U.S. clients support for digital assets such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. In August 2023, PayPal USD, its own dollar-pegged stablecoin created on Ethereum and Solana, joined the list, increasing the platform’s assets and payment options.

Is the SEC’s Shifting Crypto Strategy a Turning Point for US Regulations?

The company’s cautious approach to crypto listing was probably influenced by previous regulatory uncertainties in the United States. Institutions interested in cryptocurrencies have been alarmed by federal agencies’ earlier crackdowns on the crypto industry and its digital currencies. The Securities and Exchange Commission examined Solana as a possible unregistered securities asset in lawsuits it filed in June 2023 against cryptocurrency exchanges Binance and Coinbase. Since then, the SEC has halted legal action in the Binance case and retracted its lawsuit against Coinbase. In July 2024, during the Binance case, SEC prosecutors also terminated a request for a judicial decision over SOL’s securities status.

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