• Rep. Maxine Waters has criticized PayPal’s stablecoin and demanded regulation on par with financial institutions.
• Coinbase’s Ethereum layer-2 chain Base is live to the public and Federal Reserve will require state banks to get written ‘non-objection’ from central bank before engaging with stablecoins.
• Hut 8 Mining Corp has released its financial results for Q2 2023, ending on June 30, which shows a decrease of Bitcoin mining output and revenue.
Rep. Maxine Waters Criticizes PayPal’s Stablecoin
Congresswoman Maxine Waters has criticized PayPal’s recent foray into the world of digital currencies, calling for regulation that is on par with financial institutions. In a statement released by her office, she said: „PayPal’s decision to launch a cryptocurrency service must be met with strong regulatory oversight in order to ensure consumer protection.“ She went on to urge regulators to take all necessary steps to protect consumers against fraud and other risks associated with digital currencies, such as volatility and manipulation of markets.
Coinbase’s Ethereum Layer-2 Chain Base Live to Public
Coinbase recently announced that its Ethereum layer-2 chain Base was now live to the public. The new system allows users to securely move funds between different blockchains without having to wait for confirmations or pay fees associated with more congested networks like Ethereum mainnet. This could help Coinbase further expand its user base by offering cheaper and faster transactions across multiple blockchains, as well as provide developers new ways to build applications on top of it.
Federal Reserve Requires State Banks Written Non-Objection Before Engaging With Stablecoins
The Federal Reserve recently announced that it would require state banks to obtain written non-objections from central banks before engaging in any activity involving stablecoins. This is an effort by the Fed to better regulate the growing industry in order prevent potential abuses such as money laundering or terrorist financing activities that may be taking place through these types of digital currencies. It also seeks ensure consumer protections are being adhered too when dealing with these assets.
Hut 8 Mining Corp Releases Financial Results For Q2 2023
Hut 8 Mining Corporation has released its financial results for Q2 2023 ending June 30th which showed decreased mining output along with decreased revenue compared year over year data points from 2022 . The company reported $19 million in revenue representing a drop from $43 million previously reported a year prior . The significant decline was attributed primarily due increase average Bitcoin network difficulty along operations halt at Norwood facility . As result total Bitcoins mined dropped 58% from 946 399 within one year timeframe .
Strategic Response From Hut 8 To Decreased Revenue Challenges
In response challenges posed lower Bitcoin mining output Hut 8 have implemented strategic plans including closing down their Alberta facility , restructuring their debt , selling off non core assets , strategically diversifying their portfolio focus specific projects outside crypto space . Additionally they are focusing efforts expanding international footprint particular aim at Asia Pacific region where there is huge growth potential within market . They are hoping this will lead increased revenues future quarters help them stay competitive landscape given current climate cryptocurrency industry .