Regulate Stablecoins: Maxine Waters Demands Financial Institutions Follow Suit

• Rep. Maxine Waters has criticized PayPal’s stablecoin and demanded that it be regulated on par with financial institutions.
• A jury trial in the case of SEC v Ripple Labs has been scheduled for Q2 2024.
• Coinbase’s Ethereum layer-2 chain Base is now available to the public.

Rep. Maxine Waters Criticizes PayPal’s Stablecoin

Rep. Maxine Waters has criticized PayPal’s stablecoin and demanded that it be regulated on par with financial institutions in order to protect consumers from potential risks associated with cryptocurrencies.

SEC v Ripple Labs Jury Trial Scheduled for Q2 2024

The Securities and Exchange Commission (SEC) will have a jury trial against Ripple Labs set for Q2 2024, following a court ruling earlier this week. The two parties are currently involved in a legal dispute over whether or not XRP should be classified as a security token or not.

Coinbase’s Ethereum Layer-2 Chain Base Now Live

Coinbase recently announced that its Ethereum layer-two scaling solution, called Base, is now live to the public after months of development and testing by the crypto exchange giant. The platform claims to provide users with faster transaction speeds and lower fees than what is currently offered by other traditional blockchain networks such as Bitcoin and Ethereum.

Federal Reserve Requires Banks To Get Written ‚Non-Objection‘ Before Engaging With Stablecoins

The Federal Reserve recently announced that state banks must obtain written ‘non-objection’ from central bank before engaging with stablecoins, citing concerns about their lack of regulatory oversight compared to other financial instruments such as stocks and bonds. This decision follows recent steps taken by the US government towards increased regulation of digital assets, including an executive order signed by President Biden earlier this year prohibiting US persons from using certain foreign digital currencies deemed to threaten national security interests.

Bitstamp Halts U.S Trading Of Seven Tokens Identified As Securities By SEC In Coinbase & Binance Cases

Cryptocurrency exchange Bitstamp recently announced that it will halt trading of seven tokens identified as securities by the SEC in Coinbase and Binance cases in the United States starting August 18th, 2021 due to fears over regulatory compliance issues related to these assets being traded without proper registration or licensing requirements met..