• Rep. Maxine Waters criticized PayPal’s stablecoin, calling for regulations on par with financial institutions.
• Coinbase’s Ethereum layer-2 chain ‘Base’ is now live to the public.
• The recent Bitcoin drop to $26,298 triggered a massive liquidation event leading to $160 million in realized losses.
PayPal’s Stablecoin Criticized
Rep. Maxine Waters has recently spoken out against PayPal’s stablecoin project, calling for regulation on par with traditional financial institutions. She stated that „all companies offering digital asset services must adhere to high standards and implement robust consumer protections.“ This sentiment was echoed by other representatives of the U.S., who are pushing for more stringent oversight of these projects.
Coinbase’s Ethereum Layer-2 Chain ‚Base‘ Is Live
Coinbase has announced that its Ethereum layer-2 scaling solution “Base” is now live to the public. Initially launched as an invite-only beta product, Coinbase users can now enjoy improved transaction speeds and lower fees when using Base on the platform. It is expected that this will greatly improve user experience when trading cryptocurrencies on Coinbase Pro and Coinbase Prime products in general.
Bitcoin Drop Triggers Liquidation Event
The recent Bitcoin drop to $26,298 triggered a massive liquidation event which led to over $160 million in realized losses on-chain according to data from Glassnode Insights. This means that investors were forced into selling their Bitcoin holdings at a loss due to margin and futures positions being underwater during this market downturn episode.
Bitstamp Halts Trading of Tokens Identified as Securities
In response to SEC proceedings against both Coinbase and Binance regarding certain tokens identified as securities, Bitstamp has announced it will halt trading of seven tokens within its exchange platform for US customers only starting September 12th 2021 . This move comes as a precautionary measure while regulators investigate if those tokens comply with all federal laws or not before allowing them back onto US exchanges again if deemed compliant in full after regulatory review processes have been completed successfully by SEC staff accordingly..
It appears that there is no end in sight when it comes cryptocurrency regulation uncertainty from the United States authorities and other countries around the world alike . As such , cryptocurrency exchanges need to be extra vigilant about adhering strictly with all laws and regulations while also ensuring user safety remains intact before moving forward into any new market territories .