• Rep. Maxine Waters has criticized PayPal’s stablecoin and called for regulation on par with financial institutions.
• Coinbase’s Ethereum layer-2 chain Base is now live to the public.
• Bitstamp will halt US trading of seven tokens identified as securities by SEC in Coinbase, Binance cases.
Rep. Maxine Waters Criticizes PayPal’s Stablecoin
Rep. Maxine Waters has criticized PayPal’s stablecoin and called for regulations on par with financial institutions. In a statement, she said that such cryptocurrency projects „pose risks to our economy and consumers“ and must be regulated accordingly. Furthermore, she emphasized that „stablecoins must be held to the same standards as traditional financial services providers.“
Coinbase’s Ethereum Layer-2 Chain Base Live to the Public
Coinbase has launched its Ethereum layer-2 chain Base, which is now live to the public after months of development work. This new system is designed to provide faster transactions at lower costs than what’s available on the mainnet today. Furthermore, it allows developers and users alike to build new decentralized applications (dApps) using Ethereum technology in a more efficient manner than before.
Bitstamp To Halt U.S Trading Of Seven Tokens Identified As Securities By SEC
Bitstamp will halt U.S trading of seven tokens identified as securities by SEC in Coinbase, Binance cases. The tokens are XRP, DOGE, XLM, ADA, DOT, LINK and UNI – all of which have been flagged by regulators as potential security offerings rather than utility tokens or coins intended for use within their respective ecosystems only. Bitstamp will cease offering these tokens until further notice from US authorities or until they can confirm that these assets are not considered securities under applicable law or regulations from the US Securities & Exchange Commission (SEC).
Gemini’s Cameron Winklevoss Slams DCG For Denying Involvement In Failed Earn Program
Gemini co-founder Cameron Winklevoss has criticized Digital Currency Group (DCG) over its response in an ongoing dispute between the two firms regarding Gemini’s failed Earn program offered in partnership with Genesis — a subsidiary of DCG — which halted withdrawals in November 2022 and later filed for bankruptcy; Gemini also halted Earn withdrawals in November as a result of the broader Genesis halt. On Twitter, Winklevoss said: “[DCG’s] response [to Gemini’s lawsuit] … is filled with carefully crafted statements that are incredibly revealing … It completely ignores the reality of the situation in a comical way.“
Federal Reserve Will Require State Banks To Get Written ‚Non-Objection‘ From Central Bank Before Engaging With Stablecoins
The Federal Reserve recently announced that state banks will need written ‘non-objection’ from central bank before engaging with stablecoins like Libra or USD Coin (USDC). According to Fed Chair Jerome Powell: “We think it’s important that any activity involving stablecoins be held to strong standards consistent with those applied to other payment activities.“ He added: „We look forward to working closely with other international central banks so we can ensure effective oversight while promoting innovation when appropriate.“