😬 Coinbase under pressure from US SEC

The cryptocurrency exchange platform might be getting sued

Hey Waivly Crew! 🌊 The US Securities and Exchange Commission has threatened to sue Coinbase over new lending product. LG has revealed its 'Real Folding Window' glass to compete against Samsung.

LG claims its 'Real Folding Window' display tech is hard as glass

LG Chem

LG has announced that they have developed a new kind of foldable screen display technology that can be used in mobile devices.

What is it?

The company calls the material "Real Folding Window," which is made of PET film coated on both sides with a new coating technology it developed. It is around a few dozen micrometres thick, making it barely visible. In addition, the Real Folding Window can be folded both outwards and inwards, unlike current counterparts that can only bend one way.

Maximize flexibility

A spokesperson at LG explained what makes the Real Folding Window so special, saying, “Unlike existing polyimide films and tempered glass-type materials, the cover window that applied LG Chem's new coating technologies will maximize flexibility, while also providing optimized solutions for foldable phones such as making improvements to chronic issues like fold impressions on the connecting part of the screen."

Quit the smartphone business

Earlier this year, after realizing the competition was too much, LG decided to quit the smartphone business, mainly so that it could solely focus its resources in growing areas like electric vehicle components, connected devices, smart homes, robotics, artificial intelligence, business-to-business solutions, and more.

Spotify is rolling out a new 'Enhance' feature

Spotify has announced that they are adding a new Enhance feature which spruces up users' playlists with recommended songs that will fit the style and theme of the music in your existing playlist. 

How will the Enhance feature work?

The new Enhance feature will work through pressing the Enhance button that will appear at the top of your playlists. By tapping on the button, it will toggle on the feature, which will cause Spotify's algorithm to add recommended songs that fit the playlist's theme and style. The enhanced recommended songs will be indicated with a bright green sparkle icon and will have a plus button next to the song so users can permanently add those songs to the playlist. All songs added through the new feature will not replace or mess up users' existing playlists; users will have the ability to turn off the Enhance feature by toggling off the Enhance button.

Where is it available?

The new Enhanced Playlist feature will be available on both the Android and iOS Spotify app. The feature will begin to roll out over the next few months to Spotify Premium subscribers in Andorra, Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Monaco, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Slovakia, Spain, Sweden, Switzerland, Turkey, UK, and more countries in the future.

The Waves

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🍿 Star Trek: Discovery is making a return in November 2021

📺 Microsoft will allow you to control an Xbox with a TV remote soon

👓 Leak reveals Facebook and Ray-Ban's smart glasses

Crypto Special

Bitcoin plummets on the first day as El Salvador's legal tender

On Wednesday, a new law passed in El Salvador that made Bitcoin a legal tender, and so far, things are not going too well.

Not off to a good start

Shortly after midnight, Salvadoran President Nayib Bukele went on Twitter to complain that Chivo, El Salvador's new digital wallet app, was not available on Apple and Huawei. Once everyone finally had access to Chivo, the app was unable to cope with citizens signing up, causing the government to restart it and increase user capacity.

Not everyone is a fan

Some countries, such as China, are going down the complete opposite route than El Salvador by attempting to restrict the use of cryptocurrency with strict regulations. The rollout was followed up with Bitcoin falling 11.6%, plummeting from $52,000 to around $46,472.

Ukraine is next

Even though El Salvador had a bumpy Bitcoin rollout, Ukraine has introduced a bill that legalizes and regulates all virtual financial assets, including Bitcoin. “The development of a new industry will allow attracting transparent investments and will strengthen the image of our country as a high-tech state,” said Mykhailo Fedorov, Ukraine's vice prime minister of digital transformation.

US SEC threatens to sue Coinbase

The US Securities and Exchange Commission has warned Coinbase that they will sue if it launches its digital asset lending product.

Pursue legal action

According to Paul Grewal, Coinbase’s chief legal officer, Coinbase received a Wells notice from the regulators, claiming it would pursue legal action if Coinbase introduced a new yield product called Lend, a product designed to allow users to earn interest on certain assets on the platform.

Wary of lend

In a regulatory filing, the SEC notified Coinbase that on September 1st that its Lend product could be violating securities laws. Regulators are wary of Lend because they are unsure whether it will be engaged in trading or offering products to consumers that are considered securities.

Coinbase is unsure why

In a blog post, Paul Grewal addressed the situation, saying, "Coinbase has been proactively engaging with the SEC about Lend for nearly six months". "Specifically for Lend, we’re seeking to allow eligible customers to earn interest on select assets on Coinbase, starting with 4% APY on USD Coin (USDC)."