• Rep. Maxine Waters criticizes PayPal’s stablecoin and demands regulation 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.
Criticism of PayPal’s Stablecoin
Rep. Maxine Waters has criticized PayPal’s newly launched stablecoin and demanded that it should be regulated on the same level as other financial institutions. She argued that any digital asset must be properly scrutinized before being released into circulation, as it could have far-reaching implications for consumers, markets, and the economy at large.
SEC vs Ripple Labs
The Securities and Exchange Commission (SEC) is currently engaged in a legal battle against Ripple Labs over alleged securities violations. The case will be heading to a jury trial in Q2 2024, which could potentially result in hefty fines or even jail time for executives involved with the crypto project.
Coinbase’s Layer-2 Chain
Coinbase recently announced that its Ethereum layer-2 chain, called Base, is now live to the public after months of development work. The new platform offers faster transaction speeds and lower fees than traditional Ethereum transactions, making it an attractive option for users looking to transact quickly without incurring high costs.
Federal Reserve Rules
The Federal Reserve has announced a new rule requiring state banks to obtain written „non-objection“ from its central bank before engaging with any stablecoins or other digital assets deemed as „stable.“ This could potentially limit how much these banks can invest in such assets as well as provide additional oversight into their activities related to them.
Bitstamp Trading Restrictions
In light of recent cases involving Coinbase and Binance, Bitstamp has decided to halt U.S.-based trading of seven tokens identified by the SEC as securities tokens due to their potential violation of existing laws and regulations pertaining to securities offerings and trading activities within the country