PayPal’s Stablecoin Draws Criticism: Fed Requires Written ‚Non-Objection‘ for Banks

• Rep. Maxine Waters criticizes PayPal’s stablecoin, demanding regulation on par with financial institutions
• Jury trial in SEC v. Ripple Labs to be set for Q2 2024
• Shibarium launch falters, $2.5M locked in bridged funds wiping $500M from SHIB market cap

Criticism of PayPal’s Stablecoin and Calls for Regulation

Rep. Maxine Waters has criticized PayPal’s stablecoin and called for the same level of regulation that is applied to traditional financial institutions. The jury trial for the SEC case against Ripple Labs is scheduled to take place in Q2 2024.

Shibarium Launch Issues

Shibarium’s mainnet launch ran into some issues, with blockchain security firm Beosin reporting that around $1.7 million worth of Ethereum was locked in their bridge contract and transactions were pending. A further $762,000 worth of BONE tokens were also stuck in the bridge contract, bringing the total amount locked up to $2.5 million and resulting in a loss of roughly $500 million from SHIB’s market capitalization.

Coinbase Launches Ethereum Layer-Two Chain Base

Coinbase has made their Ethereum layer-two chain Base available to the public, allowing users to interact with Ethereum-based applications more quickly and securely than ever before. This new technology is expected to reduce gas fees by up to 75%.

Bitstamp Halts U.S Trading Of Certain Tokens

Bitstamp will be halting trading of seven tokens identified as securities by the SEC during recent Coinbase and Binance cases within the United States borders. This decision comes as part of ongoing efforts by the Federal Reserve to ensure that state banks get written „non-objection“ from central banks before engaging in activities involving any kind of digital asset or stablecoin .

Conclusion The cryptocurrency industry faces its fair share of challenges but continues to push forward towards mainstream adoption despite these obstacles . New innovations such as Coinbase’s Ethereum layer – two chain Base are helping pave the way towards this goal while simultaneously addressing longstanding issues like high gas fees . Meanwhile , regulators continue to scrutinize digital assets and platforms , which could potentially lead to greater stability down the line .