PayPal’s Stablecoin Criticized: Fed to Require Written ‚Non-Objection‘ Before Engaging

• Rep. Maxine Waters criticized PayPal’s stablecoin and demanded that it be regulated on par with financial institutions.
• A jury trial for the SEC v. Ripple Labs case will be set for Q2 2024.
• Coinbase launched its Ethereum layer-2 chain, Base, to the public and Bitstamp will halt U.S. trading of seven tokens identified as securities by SEC in Coinbase and Binance cases.

Rep Maxine Waters Demands Stablecoin Regulation

Rep. Maxine Waters has called on the need to regulate PayPal’s stablecoin on par with financial institutions. This is in response to concerns regarding the use of cryptocurrencies by criminals for money laundering activities and other illicit activities, as well as their potential to destabilize traditional currencies if left unchecked.

SEC v Ripple Labs Jury Trial Set for 2024

A jury trial is set for Q2 in 2024 for SEC v Ripple Labs, a lawsuit brought forward by the U.S Securities and Exchange Commission (SEC) accusing Ripple of undertaking an unregistered security offering worth over $1 billion using XRP tokens from 2013–2020 without proper registration or disclosure of facts required by law. The trial could have major implications for both the cryptocurrency industry and Ripple specifically due to its high profile nature, which could determine whether XRP is deemed a security or not under U.S law, having significant ramifications if ruled otherwise..

Coinbase Launches Ethereum Layer-2 Chain

Coinbase’s Ethereum layer-2 chain Base has been released to the public after undergoing several phases of testing since April 2021 when it was first announced during Consensus 2021 by Coinbase CEO Brian Armstrong who spoke about making Ethereum easier to use at scale through this move from Coinbase itself which would also reduce fees associated with transactions on ETH networks while increasing throughput speeds significantly..

Federal Reserve Requires Banks To Get Non-Objection From Central Bank Before Engaging With Stablecoins

The Federal Reserve has issued new guidelines requiring state banks to obtain written „non-objection“ from a central bank before engaging with any kind of stablecoins including USDT, DAI, RAI etc., citing concerns that these digital currencies may be used as vehicles for illegal activities such as money laundering or financing terrorism if left unchecked..

Bitstamp Halts US Trading Of Seven Tokens Identified As Securities By SEC In Coinbase And Binance Cases

Bitstamp announced that it will stop trading seven tokens identified as securities by the SEC in both Coinbase’s prosecution against Kik Interactive Inc., and Binance’s prosecution against Block io LLC., due to legal uncertainty surrounding their status under U.S securities laws..