Tether market cap nears $70B as SEC crypto crackdown hurts stablecoin rivals

The U.S. Securities and Exchange Commission (SEC) wants to sue Paxos for issuing and listing stablecoin Binance USD (BUSD) to the benefit of its top-rival stablecoin Tether (USDT), whose market capitalization has risen to multi-month highs. BUSD market cap drops by $2 billion The SEC asserts that BUSD, a U.S. dollar-backed stablecoin, is a security, noting that Paxos has violated…