SEC to Appeal Ripple Win, Binance Aims High, PayPal Launches Stablecoin
• The U.S. Securities and Exchange Commission (SEC) is seeking to challenge Ripple’s recent victory, while the Federal Reserve introduces a new program to oversee cryptocurrency operations within banking institutions.
• Bitstamp and Bittrex have been required to reach certain compromises with the SEC, including the suspension of trading for seven altcoins in the U.S., as well as a $24 million fine for Bittrex and its former CEO William Shihara.
• PayPal has launched its very own stablecoin, which will enable users to transact funds across its platform without having to convert them into fiat currencies.
U.S. Regulatory Efforts
The U.S. Securities and Exchange Commission (SEC) is poised to contest Ripple’s recent victory amid ongoing regulatory efforts, while the Federal Reserve introduced an innovative endeavor aimed at overseeing cryptocurrency operations within banking institutions – Novel Activities Supervision program- with a particular emphasis on enhancing the security of stablecoins. The SEC deferred its decision on the Bitcoin ETF proposal put forth by Ark Invest and 21Shares, with the intention to gather insights from the general populace through public input that could contribute to extending the duration of this deliberative phase.
Compromises Reached by Bitstamp & Bittrex
Luxembourg-based crypto exchange Bitstamp revealed plans to cease trading for seven prominent altcoins in the U.S., effective from Aug 29th, encompassing Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), Near (NEAR), Sandbox (SAND), and Solana (SOL). While trading activities are set to undergo temporary suspension, users will still be able hold and withdraw these assets on Bitstamp in response to assertions raised by SEC regarding their unregistered securities status attributed to these tokens. Additionally, Bittrex and its former CEO William Shihara agreed to pay a $24 million settlement in response allegations made by SEC claiming they violated securities laws by delivering crypto trading services without registering as national securities exchange from 2014-2019..
Binance Aiming for Growth
Binance captured attention this week with ambitious growth moves such as launching derivatives products like futures contracts, perpetual swaps and options as well as announcing plans for an upcoming decentralized finance ecosystem called “Binance Smart Chain” which seeks foster innovation among developers looking create DeFi applications on top of it . In addition , it also announced plans launch spot markets on Binance US where customers can deposit USD via ACH , wire transfer or debit card . The company also expressed interest setting up offices India as part of their global expansion strategy .
PayPal Launches Stablecoin
PayPal unveiled plans launch a proprietary stablecoin called “PayPal Digital Currency” that will enable users transact funds across its platform without having convert them into fiat currencies . This move comes after PayPal announced earlier year that it would begin allowing customers buy , sell and store cryptocurrencies such Bitcoin , Ethereum , Bitcoin Cash and Litecoin directly through their platform starting mid 2021 .
Overall , this past week has seen significant developments pertaining regulation of cryptocurrencies in United States along with major announcements from industry leaders like PayPal & Binance highlighting potential growth opportunities within space .