Fed Requires Banks to Get Approval Before Engaging with Stablecoins
• Rep. Maxine Waters criticized PayPal’s stablecoin and demanded regulation on par with financial institutions.
• Jury trial in SEC v. Ripple Labs to be set for Q2 2024.
• Coinbase’s Ethereum layer-2 chain Base is live to the public, while Tether USDT stability tested amid crypto market shakeup.
Rep. Maxine Waters Criticizes PayPal’s Stablecoin
Congresswoman Maxine Waters has spoken out against the use of PayPal’s stablecoin and called for regulations that align it with existing financial institutions. She believes that these regulations will help protect users from any potential risks associated with the cryptocurrency asset class.
SEC v. Ripple Labs Jury Trial Set for Q2 2024
The Securities and Exchange Commission (SEC) has announced that a jury trial in its case against Ripple Labs will take place in the second quarter of 2024. The SEC has accused Ripple of violating federal securities laws by selling unregistered securities in the form of XRP tokens without disclosing all required information to investors.
Coinbase’s Ethereum Layer-2 Chain Base Goes Live
Coinbase recently launched its Ethereum layer-2 chain called “Base” which is now available to all users publicly after being in beta testing for some time now. This allows Coinbase customers to trade different types of assets backed by underlying ETH quickly and securely without paying high gas fees associated with transactions on Ethereum mainnet directly.
Federal Reserve Requires Banks Get ‚Non-Objection‘ From Central Bank Before Engaging With Stablecoins
The Federal Reserve has announced that banks must obtain written approval from their central bank before engaging with stablecoins such as USDT, USDC, or DAI as part of their operations or services offered to customers or clients. This step is seen as necessary due to the potential risk associated with using these assets and ensure compliance with existing regulations governing banks‘ activities and operations in general.
Bitstamp Halts U.S Trading Of Tokens Identified As Securities By SEC In Coinbase, Binance Cases
Cryptocurrency exchange Bitstamp has decided to halt trading of seven tokens identified as securities by the SEC during its investigations into both Coinbase and Binance cases in order to comply with applicable regulations on digital assets trading within United States borders . These tokens are categorized as securities under existing legislation governing investments into digital assets such as Bitcoin or Etherum among others