• Rep. Maxine Waters has criticized PayPal’s stablecoin and is demanding regulation on par with financial institutions.
• SEC’s jury trial against Ripple Labs will be set for Q2 2024.
• An unknown trader lost $55 million in the recent crypto market crash, liquidating a 38,000 ETH position on Binance.
Criticism of PayPal’s Stablecoin
Rep. Maxine Waters has criticized PayPal’s stablecoin, calling for regulation of the asset on par with financial institutions. Her statement follows an ongoing legal battle between the SEC and Ripple Labs, which is now scheduled to go to jury trial in Q2 2024.
Crypto Market Crash
The recent crypto market crash has led to double-digit losses of more than $55 million for an unknown crypto trader on Binance. The trader traded Ethereum (ETH) against the embattled stablecoin Binance USD (BUSD). Their position was liquidated at $1,434, containing more than 38,000 ether tokens — making it the most significant single liquidation in the last 24 hours across all cryptocurrency exchanges tracked by data aggregators.
Coinbase and Binance Regulatory Actions
In other news related to regulatory action taken against Coinbase and Binance, Bitstamp announced that they will halt U.S. trading of seven tokens identified as securities by the SEC in both cases — following similar moves made by Coinbase earlier this summer when they delisted several tokens from their platform after being charged by the SEC for listing unregistered securities tokens without proper disclosure or registration requirements .
Federal Reserve Action
Federal Reserve Chairman Jerome Powell recently clarified that state banks must get written „non-objection“ from central bank before engaging with any type of non-fiat backed digital assets such as stablecoins , while Coinbase’s Ethereum layer-2 chain Base is live to the public as well .
In conclusion, it appears that governments and regulators are beginning to take a closer look at cryptocurrencies around the world — particularly ones associated with large tech companies like PayPal and Facebook — as well as those used by exchanges like Coinbase and Binance . This could have serious implications for how these digital assets are regulated going forward , so investors should stay informed about any updates to ensure compliance with applicable laws .