• Rep. Maxine Waters has criticized PayPal’s stablecoin and is calling for regulation similar to financial institutions.
• Jury trial in SEC v. Ripple Labs scheduled for Q2 2024
• Coinbase’s Ethereum layer-2 chain Base now live to public
Rep. Maxine Waters Criticizes PayPal’s Stablecoin
Rep. Maxine Waters has expressed concerns about PayPal’s recently launched stablecoin, USDC, and is asking for it to be regulated on par with other financial institutions. She believes that without the necessary oversight, the digital currency could be used for money laundering or terrorist financing activities. This comes as the SEC continues its legal battle against Ripple Labs over alleged security violations by the company’s XRP token.
Jury Trial in SEC v. Ripple Labs Scheduled for Q2 2024
The U.S Securities and Exchange Commission (SEC) announced that a jury trial in its case against Ripple Labs will take place in Q2 of 2024. The agency accuses the firm of conducting an unregistered securities sale when it issued XRP tokens back in 2013-2015 period, which it claims were securities under federal law at the time of their sale and issuance. The announcement follows Coinbase’s delisting of XRP tokens on its platform last year due to lack of clarity from regulators regarding compliance with anti-money laundering (AML) laws related to cryptocurrencies trading activities in the US market.
Coinbase’s Ethereum Layer-2 Chain Base Now Live To Public
Coinbase’s Ethereum layer-2 chain Base is now live to public users, allowing developers and users to build applications using trustless computing protocols on top of Ethereum blockchain network without having to pay transaction fees associated with mainnet operations such as gas fees etc.. Additionally, this new development also allows users to perform transactions with near zero latency times compared to traditional blockchain methods while still maintaining high levels of security due to its use of zkRollup scaling technology .
Federal Reserve Requires Banks To Get Written ‘Non-Objection’ Before Engaging With Stablecoins
The Federal Reserve recently announced that all state banks will be required get written “non-objection” from central bank before engaging with any type of stablecoin projects or initiatives moving forward. This announcement comes following a series of statements made by Fed chairman Jerome Powell stressing on the need for government oversight when dealing with digital currencies given their potential risks related money laundering and terrorist financing activities among others .
Bitstamp To Halt U.S Trading Of Seven Tokens Identified As Securities By SEC In Coinbase And Binance Cases
In response to recent actions taken by both Coinbase and Binance exchanges regarding certain tokens identified as securities by SEC, Bitstamp announced that they too will halt trading services related seven different tokens within US borders starting next week Monday August 17th ,2023 . These tokens include assets such as Bitcoin Cash SV(BSV), Cardano(ADA), EOS(EOS), Stellar Lumens(XLM), Tron(TRX), Monero (XMR) & Zcash (ZEC). Bitstamp stated that these measures are being taken out cautionary reasons until further clarification can be provided from regulators regarding these assets classification .
