• Rep. Maxine Waters criticizes PayPal’s stablecoin and demands financial institution-level regulation.
• 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; Federal Reserve will require state banks to get written ‘non-objection’ from central bank before engaging with stablecoins; Bitstamp to halt U.S. trading of seven tokens identified as securities by SEC in Coinbase, Binance cases; Will indication of SEC approval for Ethereum futures ETFs be precursor to further pain?
Rep. Maxine Waters Criticizes PayPal’s Stablecoin
Rep. Maxine Waters has criticized PayPal’s stablecoin, demanding that it be regulated on par with financial institutions. A jury trial in the SEC vs Ripple Labs case has been scheduled for Q2 2024, while Coinbase’s Ethereum layer-2 chain Base is now available to the public.
Federal Regulation On Stablecoins
The Federal Reserve has also issued a statement requiring state banks to obtain a written ’non-objection‘ from the central bank before engaging with any stablecoins or digital assets related projects. Meanwhile, Bitstamp is halting all US trading of seven tokens that were identified as securities by the SEC in Coinbase and Binance cases.
SEC Approval Of ETFs And Its Impact
The recent news of the US Securities and Exchange Commission (SEC) approving exchange traded funds (ETFs) based on Ethereum futures may have an impact on crypto markets in coming days and weeks ahead as this could signal a new era for cryptocurrency integration into mainstream finance. The approval could potentially pave way for some firms such as Volatility Shares, Bitwise, Roundhill & ProShares who have filed applications to launch ETH based ETFs if approved by the regulatory body..
Potential Pain For Crypto Markets?
It remains unclear whether or not this approval will lead to more pain for crypto markets which are already showing signs of slowing down after a year long bull run but it may certainly make them more accessible and liquidate them in other ways than ever before due to ease of access through ETFs leading up more investors taking part in crypto markets than ever before..
Conclusion
Overall, these developments may lead up towards more clarity around cryptocurrencies regulations while giving investors another avenue through which they can gain exposure into this rapidly growing asset class without having direct ownership over them so only time will tell how things turn out after this latest move from the regulators!
