Lee and Jimmie discuss PayPal‘s proposed stablecoin and new guidance issued by the Federal Reserve that applies to bank’s engaged in crypto activity. They also provide an update on key pieces of crypto legislation and crypto litigation.

Lee’s Twitter: @leereiners

Jimmie’s Twitter: @jimmie_lenz

Related Links:

PayPal to Issue Dollar-Pegged Crypto Stablecoin Based on Ethereum: https://www.coindesk.com/business/2023/08/07/paypal-to-issue-dollar-pegged-crypto-stablecoin-bloomberg/

SR 23-7: Creation of Novel Activities Supervision Program: https://www.federalreserve.gov/supervisionreg/srletters/SR2307.htm

SR 23-8 / CA 23-5: Supervisory Nonobjection Process for State Member Banks Seeking to Engage in Certain Activities Involving Dollar Tokens: https://www.federalreserve.gov/supervisionreg/srletters/SR2308.htm

SEC notified Judge Torres that they intend to appeal her ruling in the Ripple case. *gov.uscourts.nysd.551082.887.0_2.pdf (courtlistener.com)

Coinbase’s motion for summary judgment in their case against the SEC. *CoinbasevSEC12_c_Motion.pdf (ctfassets.net)