• Rep. Maxine Waters criticized PayPal’s stablecoin, demanding regulation on par with financial institutions.
• Coinbase’s Ethereum layer-2 chain Base is live to the public and Federal Reserve will require state banks to get written ‘non-objection’ from central bank before engaging with stablecoins.
• Bitstamp to halt U.S. trading of seven tokens identified as securities by SEC in Coinbase, Binance cases and Circle says competition from PayPal and others is ‘great to have’, reports $1B in cash.
Rep. Maxine Waters Criticizes PayPal’s Stablecoin
Rep. Maxine Waters has criticized PayPal’s newly launched stablecoin, urging for regulation on par with that given to financial institutions. She believes that these digital currencies should be subject to the same legal requirements as traditional banking services in order to protect consumers from fraud and abuse. Additionally, she has demanded stricter oversight by regulators over entities dealing with cryptocurrencies like Paypal’s stablecoin Libra.
Jury Trial Set for SEC v Ripple Labs
A jury trial has been set for Q2 2024 in the case of SEC v Ripple Labs regarding its native token XRP being labeled a security by the regulator last year December 2020. The trial is intended to decide whether or not XRP was indeed classified as an unregistered security when it was initially released back in 2013, which could lead to hefty fines or even jail time dependent upon its outcome if found guilty of breaking securities law at that time period.
Coinbase’s Ethereum Layer-2 Chain Base Is Live
Coinbase announced on August 10th that its layer-two solution called ‚Base‘ is now available for public use after going through a successful testnet phase previously this week. This solution will allow users on Coinbase Pro and Coinbase Prime to trade Ethereum tokens easily while paying lower fees than what would typically be required when using the mainnet directly – making it much more cost efficient for traders who need quick access without having to handle complicated technical details associated with other layer two solutions like Plasma or Optimistic Rollups themselves directly instead of relying on third parties such as those provided by Coinbase here instead .
Federal Reserve Requires Written Non-Objection From Central Bank Before Engaging With Stablecoins
The Federal Reserve recently announced that all state banks must obtain written non-objection from their respective central bank before they engage in any activities related to issuing or managing stablecoins – citing risks related money laundering schemes and other illegal activities being facilitated with these digital assets as justification behind their decision making process here . This move comes shortly after JPMorgan Chase & Co reported earlier this month that nearly 20% of surveyed businesses were considering replacing their existing fiat currency banking infrastructure (such as wire transfers) entirely in favor of utilizing potential blockchain based alternatives instead due largely due cost savings associated with such a move potentially being realized eventually down line .
Bitstamp To Halt U.S Trading Of Tokens Identified As Securities By SEC In Coinbase And Binance Cases
Bitstamp announced earlier today (August 10th) that it will stop offering trading services for seven tokens classified as securities by the U.S Securities and Exchange Commission (SEC) during recent enforcement actions against both Coinbase Global Inc., Binance Holdings Ltd., and BitMEX Ventures LLC respectively – including EtherDelta Token (EDT), Filecoin (FIL), MakerDAO (MKR), Uniswap Token (UNI) , 0x Protocol Token (ZRX) , Tezos (XTZ). These developments come shortly after reports surfaced late last month revealing plans among certain exchanges in Asia Pacific region looking into ways they can sidestep local laws governing issuance/trading such assets classed under security designations within regions which they operate out of legally speaking
