• Rep. Maxine Waters has criticized PayPal’s stablecoin, demanding 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
Rep. Maxine Waters Criticizes PayPal’s Stablecoin
Rep. Maxine Waters has publicly voiced her concern over PayPal’s new stablecoin offering and called for greater regulation of digital assets on par with that of traditional financial institutions. Her comments come as the U.S. Securities and Exchange Commission (SEC) is preparing for a jury trial against Ripple Labs in Q2 2024 concerning whether XRP constitutes a security or not.
Federal Reserve Requires Banks to Get Non-Objection from Central Bank Before Engaging With Stablecoins
The Federal Reserve has announced that it will require state banks to get written “non-objection” from the central bank before engaging with any stablecoins or cryptocurrency assets. This move follows other regulatory developments, such as Bitstamp halting U.S.-based trading of seven tokens identified as securities by the SEC in Coinbase and Binance cases.
Coinbase’s Ethereum Layer-2 Chain Base Live To The Public
In related news, Coinbase recently launched its Ethereum layer-two scaling solution known as “Base,” which is now available to the public after undergoing extensive testing by select users earlier this month. According to Coinbase CEO Brian Armstrong, Base provides developers with tools like smart contracts and decentralized applications without having to worry about gas fees associated with running them on Ethereum mainnet directly.
Yuga Labs Draws Away From OpenSea Over Royalty Fee Policy
Yuga Labs, famous for its Bored Ape NFTs, recently announced that it will end support for OpenSea’s marketplace contract Seaport due to its royalty fee policy changes; OpenSea had announced plans to transition away from optional creator fees and discontinue its Operator Filter which allowed creators to enforce royalties by blocking transactions from parties who don’t respect those fees come August 31st, 2021 but would allow non-Ethereum collections and collections that enabled the feature prior to August 31st until February 29th 2024 .
The Regulatory Landscape Of Cryptocurrencies Remains Unclear
Overall, it is clear that the regulatory landscape surrounding cryptocurrencies remains unclear at best; while there have been some recent developments such as PayPal launching its own stablecoin—which Rep Maxine Waters has criticized—there are still many questions left unaddressed when it comes to how these digital assets should ultimately be regulated moving forward in order ensure investor protection and financial stability within markets all over the world
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