• The SEC charges Titan Global Capital Management for ‘misleading’ performance metrics.
• Coinbase’s Ethereum layer-2 chain Base is live to the public and HashKey exchange set to debut retail crypto trading services in Hong Kong on Aug. 28.
• Rep. Maxine Waters criticizes PayPal’s stablecoin, demands regulation on par with financial institutions and Federal Reserve will require state banks to get written ‘non-objection’ from central bank before engaging with stablecoins.
SEC Charges Titan Global Capital Management
The U.S Securities and Exchange Commission (SEC) has charged Titan Global Capital Management for providing „misleading“ performance metrics in connection with its investment funds. The agency alleges that the company misled investors by providing false information about their fund’s performance over a three-year period. This is the latest action taken by the SEC against firms offering false information related to investments or securities trading.
PayPal’s Stablecoin Criticized
Rep. Maxine Waters of California has criticized PayPal’s newly announced stablecoin, calling for increased regulation on par with other financial institutions. She argued that without proper oversight, such a cryptocurrency could be used for illegal activities or to facilitate fraud and money laundering schemes. Her comments come as other regulators are taking steps towards establishing more stringent regulations around digital assets and cryptocurrencies, especially related to money transmission services like PayPal’s new stablecoin project intends to offer its users.
Ripple Labs Jury Trial Set For Q2 2024
A jury trial in the case of U.S Securities and Exchange Commission (SEC) vs Ripple Labs is set for Q2 2024, according to court documents filed last week in New York federal court system.. The lawsuit was initially filed by the SEC in December 2020 after it alleged that Ripple had conducted an unregistered securities offering of $1 billion worth of XRP tokens since 2013 without registering with the regulator first — something which would normally be required under US securities law if true.. Both parties have sought summary judgement over whether XRP should be classified as security or not but this has been denied by the court so far, leading them to proceed down a full trial route instead of settling out of court as some had hoped might happen earlier this year when talks between both sides were ongoing but eventually broke down due to disagreements over how much Ripple should pay as part of any settlement agreement reached between them and the SEC .
Coinbase Ethereum Layer-2 Chain Released
Coinbase released its Ethereum layer-two scaling solution called ‚Base‘ into public beta today, making it available for anyone who wants to use it on mainnet network — meaning real ETH can now be used on it too! This move marks another step forward in Coinbase’s mission to make blockchain technology more accessible thanks largely due its partnership with Optimism who helped develop Base alongside Coinbase engineers over several months time prior release date today . The new chain promises faster transactions at lower gas fees than what can typically be found on Ethereum mainnet while still having all data stored securely within same blockchain itself . It also supports smart contracts allowing developers create decentralized applications (DApps) using same infrastructure as well .
HashKey Exchange Launches In Hong Kong
HashKey exchange is set debut retail crypto trading services in Hong Kong on Aug 28th during a live launch event marking significant milestone within region’s rapidly evolving landscape regulatory advancements . As reported CryptoSlate August 3rd , COO Livio Weng outlined regulatory clarity establishment licensed platforms potential catalysts increased transparency investor confidence . According reports , platform provides access variety digital assets including Bitcoin (BTC), Ether (ETH), Tron (TRX), EOS Litecoin (LTC) many others both professional retail traders alike .
