The SEC's attack on the login password has been going on for the second week. Just as the Asian region was gradually working on Monday, the Wall Street Journal had a big kill: SEC had verified that the Binance brand stabilized the dollar.

To some observers, the pursuit of the dollar seems to be a strange response. Although MYR is printed under the Binance brand, it is publicly issued by Paxos and controlled by the New York City Department of Financial Information Services. In contrast to keeping USDT secret in court, Tether, B dollars is the right way to stabilize income.

Just when Binance CEO Chang Peng "CZ" Zhao tweeted that when BYD Motor "fund SAFU", the market reaction to the report was negative. Companies such as CryptoQuant and big data said that since the opening of trading in Asia on Monday, the local BNB tokens of the BNB chain have fallen 7%, and about $52 million in dollar assets have been injected into the trading center, a sign of a bullish attitude.

People familiar with the matter said the whole thing happened without warning. But that's not good enough for SEC.

Regulators also added swearing-the Howie Test-a 1933 Supreme people's Court case that ruled that if a deal was found to be an investment agreement, it was called a securities.

There is no doubt that there is a saying-- a long-standing view of the development of the login password era-- that stable stocks are securities.

A June 2022 newsletter prepared by the U.S. Congressional Office of Scientific Research (Congressional Research Service) outlines how smooth bonds are called securities under the four-part test of the Reves under the Reves test. The Reves test comes from an example in 1990, which studies when a document is a security.

CRS's paper wrote: "even so, some commentators may have given some basic theories to support such a view, then in the Howey and Reves tests, the consumer motivation of stable money may be profit." To put it simply, this argument deeply attracts the role of stable currencies in promoting the speculative level of digital currencies, as well as the fact that some stable coins are bought and sold above their face value during the volatile period of the password market.

CRS concluded that the situation was still "difficult to resolve" but warned that the lack of picture quality laid the foundation for the trial.

We're here now.

The point is that under the premise of "mandatory regulation" by the United States, the international financial centre in Asia has established an established framework.

Hong Kong, China has developed its own stable investment mechanism, which is committed to sitting on the sidelines for asset-backed stable investment (provided that reserve assets are of "high quality and high liquidity" and in line with excellent stable investment in commodity circulation). But give the green light to algorithmic stable project investment.

In addition, the Monetary Authority of Singapore is in talks with foreign investors in stablecoin. A proposed route could allow them to be approved under the city-state's digital payment OTP service provider system, which is strictly regulated by the payment Services Act 2019.

During the financial technology cycle in Singapore, Ripple's general counsel, Stu O'Delotti, told WJB that all this hurt the US retail customers that SEC was supposed to protect.

"this is not specific," he said. "it is bringing independent innovation abroad, such as Malaysia and other political centers." "if the United States does something wrong in this respect, they will lose their dominant position in this new economy and finance."

When the story was exposed, Binance seemed to magnify Alderoty's idea in an announcement for WJB.

A spokesman said: "because of the continuing regulatory variability in some markets, we are going to check many projects in this jurisdiction to protect our own customers from further undue damage."