• Rep. Maxine Waters criticizes PayPal’s stablecoin and demands regulatory oversight on par with financial institutions.
• Jury trial in SEC v. Ripple Labs to be set for Q2 2024.
• Coinbase’s Ethereum layer-2 chain Base is live to the public.
Rep. Maxine Waters Criticizes PayPal’s Stablecoin
Rep. Maxine Waters has voiced her criticism of PayPal’s stablecoin, calling for it to be regulated like other financial institutions. She believes that digital currencies should not exist outside of government regulations and oversight, as they can easily be used for money laundering or other illegal activities if left unchecked.
SEC v Ripple Labs Jury Trial Set for Q2 2024
The Securities and Exchange Commission (SEC) has set a jury trial in its case against Ripple Labs Inc., the creators of XRP, for Q2 of 2024. The SEC alleges that the company issued unregistered securities when it sold XRP tokens in an initial coin offering (ICO).
Coinbase’s Ethereum Layer-2 Chain Base Live To Public
Coinbase has launched its Ethereum layer-two chain, called Base, which is now available to the public after being released in a private beta phase earlier this year. This will allow users to transact faster without sacrificing security by utilizing sidechains built on top of Ethereum’s blockchain network.
Federal Reserve Requiring Banks To Get Written ‚Non-Objection‘ Before Engaging With Stablecoins
The Federal Reserve is now requiring state banks to get written permission from their central bank before engaging with any stablecoins or digital assets under their jurisdiction. This move will help ensure that all banks are operating within the scope of applicable laws and regulations related to cryptocurrencies and digital assets before they engage in activities related to them.
Bitstamp Halting U.S Trading Of Tokens Identified As Securities By SEC In Coinbase & Binance Cases
In response to recent legal actions taken by the Securities and Exchange Commission (SEC) against Coinbase and Binance, Bitstamp announced that it would be halting trading of seven tokens identified as securities by the SEC on its U.S.-based platform starting August 10th, 2023 . The tokens include BCAP, BQX/ETHOS, DRGN/Dragonchain, KIN/Kin Money, MANA/Decentraland MTL/Metal Pay as well as REP/Augur Reputation Token