Crypto Market Plummets: $100B Wiped Out, TRX Leads With Minimal Losses

• Rep. Maxine Waters criticized PayPal’s stablecoin and demanded regulation on par with financial institutions.
• Coinbase’s Ethereum layer-2 chain Base is live to the public.
• Bitstamp will halt US trading of seven tokens identified as securities by the SEC.

Rep. Maxine Waters Criticizes PayPal’s Stablecoin

Representative Maxine Waters has spoken out against PayPal’s stablecoin initiative, calling for increased regulation that matches traditional financial institutions. She believes that this type of digital currency should be held to the same standards as banks, credit unions, and other financial services firms.

Jury Trial in SEC v Ripple Labs

The Securities and Exchange Commission (SEC) has set a jury trial date for Q2 2024 in their case against Ripple Labs Inc., which is accused of selling unregistered securities in its XRP token offering. The court proceedings are expected to last three weeks and involve a significant amount of evidence from both parties.

Coinbase’s Ethereum Layer-2 Chain Base Is Live

Coinbase recently launched its Ethereum layer-two scaling solution, called Base, which is now available to the public after months in beta testing mode. This new platform aims to reduce transaction fees while increasing throughput on the network through off-chain transactions.

Federal Reserve Requires State Banks to Obtain Written ‘Non-Objection’ Before Engaging With Stablecoins

The Federal Reserve has announced that state member banks must seek written approval from their central bank before engaging with any stablecoins or digital currencies issued by private entities such as Facebook’s Libra project or JP Morgan Chase’s JPM Coin initiative. This move is seen as an effort to ensure compliance with existing regulations while also protecting consumers from potential risks associated with cryptocurrencies and other digital assets.

Bitstamp Halts US Trading of Seven Tokens Identified As Securities By SEC

In response to recent lawsuits filed by the Securities and Exchange Commission (SEC) against Coinbase and Binance, cryptocurrency exchange Bitstamp announced it will be halting U.S.-based trading of seven tokens identified as securities under U.S federal law: Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Neo (NEO), EOS, Tron(TRX)and Tezos(XTZ).