• Rep. Maxine Waters has criticized PayPal’s stablecoin and is demanding regulation for it on par with financial institutions.
• The SEC v. Ripple Labs jury trial has been set for Q2 2024.
• Coinbase’s Ethereum layer-2 chain Base is now live to the public, while an unknown trader lost a total of $55 million in the wake of crypto market crash.

Criticism of PayPal’s Stablecoin

Rep. Maxine Waters has called for the regulation of PayPal’s stablecoin on par with that of other financial institutions. She believes this will ensure that digital assets are not used to facilitate crime or laundering activities.

SEC v Ripple Labs Jury Trial Set for Q2 2024

The Securities and Exchange Commission (SEC) and Ripple Labs have agreed to a jury trial in early 2024, setting the date as Q2 2021. This marks a significant milestone in a long legal process that began when the SEC sued Ripple over allegations of securities law violations related to its XRP token sale in 2013/2014.

Coinbase’s Layer-2 Ethereum Chain Now Live

Coinbase’s Ethereum layer-2 chain Base is now available to the public, allowing users to deposit funds into their wallets and use them instantly without waiting for confirmation times or fees from miners on the mainchain network. This new feature could improve scalability and reduce costs significantly by pushing transactions off-chain onto the layer-two network, where they can be processed much faster than on-chain transactions.

Federal Reserve Requiring Banks To Get Written ‚Non-Objection‘ From Central Bank Before Engaging With Stablecoins
In order to protect consumers from fraud and abuse related to digital asset investments, The Federal Reserve will require state banks to get written ‘non-objection’ from central bank before engaging with stablecoins such as USDC and Tether (USDT). This move follows similar regulatory efforts by other countries around the world, showing increased scrutiny of these digital assets from government authorities around the world that could result in more secure investment environment for users who choose to invest in them.

Unknown Trader Swallows $55 Million Loss Following Crypto Market Crash
An unknown trader on Binance has lost more than $55 million due to liquidation stemming from crypto market crash caused by Bitcoin (BTC) dropping below $11K earlier this week . The position contained 38000 ETH tokens which were liquidated at $1434 each , resulting in losses worth millions . It remains unclear whether a whale or trading firm held this position , though community members have speculated about its origin .