• 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 .