• Rep. Maxine Waters has criticized PayPal’s stablecoin and called for it to be regulated on par with financial institutions.
• Coinbase’s Ethereum layer-2 chain Base is now live to the public, while Bitstamp will halt trading of certain tokens identified as securities by the SEC.
• Bitcoin’s drop to $26.6K has resulted in over $160 million in realized losses on-chain.
Maxine Waters Criticizes PayPal’s Stablecoin
Rep. Maxine Waters has criticized PayPal’s stablecoin and called for it to be regulated on par with financial institutions. She said that this regulation should ensure consumer protection, anti-money laundering, and countering the financing of terrorism standards are met before allowing a large institution like PayPal to enter into the cryptocurrency space.
Jury Trial Set for SEC v Ripple Labs
A jury trial has been set for Q2 2024 in the case between the U.S Securities and Exchange Commission (SEC) and Ripple Labs Inc., which was brought forward after allegations that XRP constituted an unregistered security offering by the company.
Coinbase’s Ethereum Layer-2 Chain Now Live
Coinbase’s Ethereum layer-2 chain Base is now live to the public, allowing users to send transactions at significantly lower fees than those charged on Ethereum mainnet directly while maintaining full interoperability with mainnet contracts and applications. The platform also features lower latency and faster transaction speeds due to its improved scalability solution powered by optimistic rollups technology – a scaling solution for blockchains based on smart contracts built using off-chain data availability commitments and fraud proofs used as a dispute resolution mechanism when needed.
Federal Reserve Requires State Banks To Get Written ‘Non-Objection‘ From Central Bank Before Engaging With Stablecoins
The Federal Reserve announced that all state banks must obtain written “non-objection” from central bank before engaging with any type of stablecoins or other digital assets backed by such coins due to concerns about money laundering risks associated with them as well as their potential impact on financial stability if widely adopted without proper oversight and regulation from authorities or relevant agencies.
Bitstamp To Halt Trading Of Certain Tokens Identified As Securities By The SEC
Bitstamp announced it will halt trading of seven tokens identified as securities by SEC in Coinbase and Binance cases within two weeks of August 18th, 2023 due to increasing regulatory pressure on exchanges providing services related to digital assets considered securities under applicable laws or regulations for US customers..
