• Rep. Maxine Waters has criticized PayPal’s stablecoin, demanding regulation of it on par with financial institutions.
• The SEC v. Ripple Labs jury trial will be set for Q2 2024.
• Coinbase’s Ethereum layer-2 chain Base is now live to the public and Bitstamp will halt U.S. trading of seven tokens identified as securities by SEC in Coinbase, Binance cases.
Rep. Maxine Waters Criticizes PayPal’s Stablecoin
Rep. Maxine Waters has criticized PayPal’s stablecoin, demanding that it be regulated on par with other financial institutions so as to protect consumer rights and interests. She believes that such regulations are necessary to ensure that crypto assets are not used for illegal activities and to protect users from fraud or manipulation in the digital asset space.
SEC V Ripple Labs Jury Trial to Be Set for Q2 2024
The jury trial between the Securities and Exchange Commission (SEC) and Ripple Labs Inc., which was originally scheduled for August 2021, is now planned to take place in Q2 of 2024 instead due to the complexity of the case, according to a recent filing by the SEC . This decision was made after both parties agreed that they needed more time to prepare their respective cases before going into litigation over Ripple’s alleged sale of unregistered securities in XRP tokens .
Coinbase’s Ethereum Layer 2 Chain Base Is Live To The Public
Coinbase’s new Ethereum layer 2 chain Base is now live, allowing users to trade ETH without relying on centralized exchanges or custodial accounts. This new decentralized exchange offers faster transaction speeds than its predecessors while also providing improved security through its use of blockchain technology . With this launch , Coinbase hopes to provide an alternative trading option for ETH that does not require high gas fees associated with traditional DEXs on Ethereum mainnet .
Federal Reserve Requires Banks To Get Written ‚Non-Objection‘ From Central Bank Before Engaging With Stablecoins
The Federal Reserve recently announced that state banks must obtain written “non-objection” from their central bank before engaging in any activities related to stablecoins . This regulation is meant as a safeguard against risks posed by digital assets like stablecoins , such as price volatility, money laundering , or terrorist financing . The move signals a shift towards greater oversight and control when it comes to cryptocurrencies in order for them to be considered viable investments for businesses and investors alike.
Bitstamp To Halt U.S Trading Of Seven Tokens Identified As Securities By SEC In Coinbase And Binance Cases
To comply with US Securities laws, Bitstamp announced plans to halt trading of seven tokens identified as securities by the SEC during its investigations into Coinbase and Binance cases . These tokens include Ampleforth (AMPL), Mirror Protocol (MIR), SushiSwap (SUSHI), Synthetix Network Token (SNX ), Yearn Finance (YFI), Uniswap (UNI ) , and Aave (LEND ). The exchange said it would suspend services related these coins starting August 31st 2021 but allow customers who already have positions in them until September 14th 2021 before completely delisting them from its platform entirely