• The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the Ark 21Shares spot Bitcoin’s ( BTC ) ETF application, asking for public comments including written data, views, and arguments within the next three weeks.
• Rep. Maxine Waters has criticized PayPal’s stablecoin, demanding regulation on par with financial institutions.
• Federal Reserve will require state banks to get written ‘non-objection’ from central bank before engaging with stablecoins.
SEC Delays Decision on ARK ETF
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the Ark 21Shares spot Bitcoin’s (BTC) ETF application, asking for public comments including written data, views, and arguments within the next three weeks.
Rep Waters Criticizes PayPal’s Stablecoin
Rep. Maxine Waters has criticized PayPal’s stablecoin, demanding regulation on par with financial institutions such as a jury trial in SEC v Ripple Labs set for Q2 2024.
Federal Reserve Requires Banks to Get Written Non-Objection From Central Bank
The Federal Reserve will require state banks to get written ‘non-objection’ from central bank before engaging with stablecoins like Coinbase’s Ethereum layer-2 chain Base which is now live to the public or Bitstamp halting US trading of seven tokens identified as securities by SEC in Coinbase & Binance cases.
Bitcoin Price Unchanged Despite SEC Move
Despite these moves by regulatory bodies, Bitcoin price remains unchanged as the SEC seeks public comments on Ark spot ETF application in Aug 2023 – a move that could potentially open up bitcoin investing to more investors if approved.
Conclusion
Overall, this article highlights how regulators are taking steps towards regulating digital assets but at this stage it does not appear that this is having an effect on bitcoin prices yet as they remain largely unchanged despite these developments..