PayPal is introducing an “off-ramp” service that will allow users to convert digital funds into dollars. Users may utilize the service to convert their cryptocurrency to USD immediately from their wallets into their PayPal balance, which they can then use to shop, mail, save, or transfer to their bank or debit card. The service is now live on MetaMask and is available to wallets, dApps, and NFT markets. The interface allows Web3 merchants to access comprehensive security controls and solutions for fraud monitoring, chargebacks, and disputes.
The Securities and Exchange Commission’s Chair, Gary Gensler, is scheduled to testify before the Senate Banking Committee and claim that certain cryptocurrencies should be subject to the agency’s authority. Gensler says that cryptocurrency must follow the same standards as conventional securities like stocks, noting the industry’s widespread violation of securities laws. He has filed enforcement proceedings to bring wrongdoers responsible and to safeguard investors. As Congress comes back in Washington, Gensler is certain to face questioning regarding multiple court judgments, including Grayscale’s August victory and Ripple Labs’ partial victory. The hearing comes months after the SEC sued Coinbase and Binance for failing to register as exchanges. Gensler stated that he would not disclose current litigation.