As the crypto industry continues its calls for regulatory clarity, a glaring question has been whether stablecoins, typically digital assets pegged to and backed by the U.S. dollar, should be treated as securities. Now, a decision by the Securities and Exchange Commission to quietly end a probe into the New York stablecoin issuer Paxos suggests that, in most cases at least, the answer is no. On July 9, Jorge Tenreiro, the acting chief of the crypto assets and cyber unit, informed Paxos that he d...