• Rep. Maxine Waters has criticized PayPal’s stablecoin and demanded regulation on par with financial institutions.
• Jury trial in SEC v. Ripple Labs is to be set for Q2 2024.
• Coinbase’s Ethereum layer-2 chain Base is live to the public, as well as Bitstamp halting U.S. trading of seven tokens identified as securities by SEC in Coinbase and Binance cases.
Rep. Maxine Waters‘ Criticism of PayPal’s Stablecoin
Rep. Maxine Waters has criticized PayPal’s stablecoin and demanded that it should face regulation on a level equal to the standards set for traditional financial institutions such as banks and credit unions. She believes that this type of cryptocurrency should not be exempt from laws governing such entities, as this would create an unlevel playing field between them and other players in the market, thus providing an unfair advantage to those using it.
SEC v Ripple Labs Jury Trial
The Securities and Exchange Commission (SEC) has announced plans to hold a jury trial in their ongoing case against Ripple Labs Inc., which is scheduled for Q2 2024. This decision comes after the two parties failed to reach a settlement agreement earlier this year, despite spending months attempting to do so through court-mediated negotiations led by Judge Sarah Netburn of the US District Court for Southern New York. The trial will decide whether or not XRP tokens are considered securities under US law, with potentially far-reaching implications for both the crypto industry at large and Ripple’s future prospects specifically.
Coinbase’s Ethereum Layer 2 Chain Base Goes Live
Coinbase recently launched its Ethereum layer 2 chain Base, allowing users to move funds more quickly with lower fees than before while still remaining within Ethereum’s network security guarantees and trustworthiness standards; all without sacrificing decentralization or relying on third parties like custodial services or centralized exchanges (CEXes). Furthermore, Base also allows developers access to new features such as smart contract support that was previously unavailable due to limitations inherent within Ethereum itself – meaning projects can take advantage of these features without having to build their own blockchain from scratch or rely upon an existing one with different consensus rulesets than what they require for their applications/protocols/networks/etcetera..
Federal Reserve Requirements For State Banks Engaging With Stablecoins
The Federal Reserve (Fed) will now require state banks to obtain written “non-objection” from the central bank before engaging with any form of stablecoin – digital assets pegged one-to-one with fiat currencies like USD or EUR – regardless if they are issued by companies like Facebook or JPMorgan Chase & Co., respectively called Libra and JPM Coin respectively; among others like Tether (USDT). This comes after various concerns were raised about potential risks posed by these types of assets, including money laundering activities taking place behind closed doors without proper oversight systems in place by government authorities tasked with enforcing anti-money laundering regulations worldwide..
Bitstamp Halting U S Trading Of Seven Tokens Identified As Securities By SEC
Bitstamp has announced plans to halt U S trading of seven tokens identified as securities by SEC in Coinbase & Binance cases; These include Ampleforth Governance Token (FORTH), Blockstack Token (STX), Compound Governance Token (COMP), Filecoin Token (FIL), Maker Governance Token (MKR), OpenSea Non Fungible Tokens (NFTs) & Universal Market Access Token (UMA). The decision follows similar moves made last month when Coinbase Pro suspended trading of XRP tokens following a lawsuit filed against Ripple Labs Inc., claiming violations of US federal security laws related its sale & distribution over several years time period prior announcement regarding its intention listing them exchange platform itself back December 2020