• Rep. Maxine Waters criticized PayPal and called for the regulation of stablecoins on par with financial institutions.
• A jury trial in SEC v. Ripple Labs was set for Q2 2024.
• Coinbase’s Ethereum layer-2 chain Base is now live to the public.
Rep. Maxine Waters Criticizes PayPal’s Stablecoin
Rep. Maxine Waters has recently criticized PayPal’s proposed stablecoin and demanded that it be regulated on par with other financial institutions. She argued that this would help protect users from potential risks associated with such a currency, including fraud and theft.
Jury Trial in SEC v. Ripple Labs Set for Q2 2024
The U.S Securities and Exchange Commission (SEC) has set a jury trial date in its case against Ripple Labs Inc., which is scheduled to take place during the second quarter of 2024. The SEC alleges that Ripple conducted an unregistered securities offering involving its XRP tokens, which have since dropped substantially in value due to the lawsuit’s ongoing proceedings.
Coinbase’s Ethereum Layer-2 Chain Base Goes Live
Coinbase’s new Ethereum layer-2 scaling solution called ‚Base‘ is now available for public use after months of private beta testing by select customers and developers. This new technology is designed to reduce transaction costs, improve scalability, and speed up transactions times on the Ethereum network by offloading computationally heavy tasks onto sidechains while preserving security guarantees through sharded consensus mechanisms such as Plasma or Optimistic Rollup protocols.
Federal Reserve Requires Banks To Get Written ‘Non-Objection’ Before Engaging With Stablecoins
The Federal Reserve has announced plans to require state banks to obtain written „non-objection“ from their respective central bank before engaging with any stablecoins or other non-traditional currencies such as Bitcoin or Ether (ETH). This move will ensure that these entities are compliant with existing regulations and consumer protection laws before they begin operations involving digital assets and tokens of any kind within their jurisdictions.
Bitstamp Halts U.S Trading Of Seven Tokens Identified As Securities By SEC In Coinbase, Binance Cases
Cryptocurrency exchange Bitstamp has announced plans to halt all trading activity involving seven tokens identified as securities by the U..S Securities and Exchange Commission (SEC) during recent investigations into cryptocurrency exchanges Coinbase Global Inc., Binance Holdings Ltd., and others . These include StormX token (STMX), BlockV token (VEE), Bread token (BRD), UnikoinGold token (UKG), Props token (PROPS), Kin Token (KIN), C20 Token(C20).