• Rep. Maxine Waters criticized PayPal’s stablecoin and demanded regulation on par with financial institutions
• Jury trial in SEC v. Ripple Labs is set for Q2 2024
• Coinbase’s Ethereum layer-2 chain Base is live to the public
PayPal’s Stablecoin Criticized by Rep. Maxine Waters
Rep. Maxine Waters has recently voiced her criticism of PayPal’s stablecoin, demanding that it be regulated on par with other financial institutions. She believes that a lack of oversight could lead to potential risks for consumers and investors using this digital currency.
SEC v. Ripple Labs Jury Trial Set for Q2 2024
The U.S Securities and Exchange Commission (SEC) has announced that a jury trial in its case against Ripple Labs will be set to take place in the second quarter of 2022. The SEC accused Ripple Labs of offering unregistered securities when they sold XRP tokens, however Ripple denies these allegations and is fighting the charges in court.
Coinbase’s Ethereum Layer-2 Chain Live to Public
Coinbase’s Ethereum layer-2 chain Base has been made available to the public, allowing users to trade cryptocurrency without having to pay gas fees for every transaction they make on the Ethereum blockchain. This new technology provides scalability solutions for those looking to use ETH tokens as well as other ERC-20 assets without having their transactions bogged down by high network fees.
Federal Reserve Requirements For Engaging With Stablecoins
The Federal Reserve will now require state banks to obtain written permission from the central bank before engaging with any stablecoins or other digital currencies. This move was made in order to ensure that banks are following all necessary regulations when dealing with these new assets, including proper anti-money laundering procedures and consumer protection measures put in place by regulatory authorities such as FinCEN and the SEC.