• Rep. Maxine Waters has criticized PayPal’s stablecoin and demanded regulation on par with financial institutions.
• Coinbase’s Ethereum layer-2 chain Base is live to the public, while Bitstamp will halt U.S. trading of seven tokens identified as securities by SEC in Coinbase, Binance cases.
• A price glitch on Gemini saw the value of Ripple’s XRP rise above $1 after the crypto exchange relisted the digital asset due to low market liquidity and some fat-finger order errors.
Rep. Maxine Waters‘ Criticism of PayPal’s Stablecoin
U.S Representative Maxine Waters has recently criticized PayPal’s upcoming stablecoin project and called for it to be regulated on par with other financial institutions. She believes that there should be extensive regulations in place that protect consumers, investors, and the public from potential harms posed by such projects when launched into mainstream markets. The jury trial in SEC v. Ripple Labs is also set for Q2 2024, which is another indication of how strict cryptocurrency regulations are becoming in America.
Coinbase’s Ethereum Layer-2 Chain Goes Live
Coinbase announced that their Ethereum layer-2 chain Base is now available for public use after completing its testnet phase back in June 2021. This new blockchain aims to increase scalability on Ethereum with faster transaction speeds and lower fees than those typically seen with Ethereum transactions today – allowing users to make payments and execute smart contracts quickly and efficiently at a much lower cost than usual. Additionally, Bitstamp will be halting U.S trading of seven tokens identified as securities by SEC in Coinbase, Binance cases due to stricter regulations being imposed by authorities within America’s cryptocurrency space.
Gemini Glitch Causes XRP Price To Peak At $50
On Aug 10th, Gemini relisted XRP token and enabled support for the XRP Ledger blockchain network; however a price glitch on this platform saw the value of Ripple’s XRP briefly peak at $50 due to low market liquidity at times combined with some fat-finger order errors from traders within this space according to data from Coingecko further corroborating this situation as well as social media posts verifying these events occurring as well too!
Overall it seems that stricter regulations are being imposed upon cryptocurrencies within America due to regulatory concerns by authorities such as Rep Maxine Waters – calling for more stringent laws regarding stablecoins like Paypal’s upcoming project – while platforms like Coinbase’s new etheruem layer-two chain Base go live offering faster transactions speeds & lower fees than what we usually see today when using ETH networks! Lastly a glitch occurred on Gemini causing XRP prices temporarily hit $50 due the combination of low liquidity & trader error but quickly corrected itself afterwards!