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Hey Waivly Crew! 🌊 Senators Lummis and Gillibrand have introduced the first major bipartisan proposal for crypto regulation with a bill that is largely friendly to the industry. E3 will be back as an in-person and online event in 2023.

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Senators Lummis and Gillibrand release crypto-friendly bill

U,S. Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) unveiled the full version of their long-awaited crypto regulation bill on Tuesday. 

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The legislation titled the Responsible Financial Innovation Act, also referred to as the Lummis-Gillibrand bill, aims to create “regulatory clarity for agencies charged with supervising digital asset markets, provides a strong, tailored regulatory framework for stablecoins, and integrates digital assets into our existing tax and banking laws.”

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Their bill would liberate small-scale purchases of goods and services from the mire of tax implications by making transactions of less than $200 tax-free, potentially clearing a path for cryptocurrencies, such as Bitcoin, to act more like a currency.

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Notably, the bill proposes to assign regulatory authority over digital assets to the U.S. Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC). The SEC would regulate digital assets classified as securities, whereas digital assets classed as commodities would fall under the jurisdiction of the CTFC:

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"Digital assets that meet the definition of a commodity, such as bitcoin or ether, which comprise more than half of digital asset market capitalization, will be regulated by the CFTC," the bill states.

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It’s unlikely the bill will make headway this year as lawmakers get ready for the November midterm elections. But Senator Gillibrand is hopeful it will advance through congressional committees and be ready to pass in 2023.

PayPal lets users transfer crypto to external wallets

On Tuesday, PayPal announced that its users can now transfer Bitcoin, Ethereum, Bitcoin Cash, and Litecoin outside of its platform.

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The new feature lets select users and, in the coming weeks, everyone in the U.S. to transfer supported cryptocurrencies into PayPal, move crypto from its app to external crypto addresses, and send crypto to other PayPal users “in seconds.”

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Users will be responsible for network fees when conducting external transfers, which fluctuate depending on blockchain congestion and other factors. However, sending or receiving crypto to other users on PayPal will not incur a network fee.

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“Allowing PayPal customers the flexibility to move their crypto assets into, outside of, and within our PayPal platform reflects the continuing evolution of our best-in-class platform and enables customers to interact with the broader crypto ecosystem,” said Jose Fernandez da Ponte, PayPal’s senior vice president and general manager, blockchain, crypto, and digital currencies.

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PayPal first launched its crypto offering in October 2020, allowing users to buy, sell, and hold Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Then, in March 2021, PayPal launched 'Checkout with Crypto,' a feature that enables U.S. users to make purchases at millions of businesses around the world with crypto.

The Waves

💰 Bitewise and Multicoin Capital launch metaverse index fund

🚫 Leaked U.S. draft bill calls to regulate DeFi and DAOs

🤔 Citadel, Charles Schwab & Fidelity to build crypto trading platform

⚽ Premier League files crypto and NFT trademarks

Tech Special

E3 will return in 2023 as an online and in-person event

While E3 2022 has been cancelled, the Entertainment Software Association, which organizes the annual video game convention, has confirmed that it will return in 2023.

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During an interview with The Washington Post, ESA president and CEO Stan Pierre-Louis announced E3 will see a full return next year, both online and in-person:

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“We’re excited about coming back in 2023 with both a digital and an in-person event,” Pierre-Louis said. “As much as we love these digital events, and as much as they reach people and we want that global reach, we also know that there’s a really strong desire for people to convene — to be able to connect in person and see each other and talk about what makes games great.”

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Pierre-Louis did not share any dates for ESA 2023. Usually, the dates for the next E3 get announced at the end of the current year’s event, which would normally be taking place in early June, so there’s a good chance we'll learn more in the coming weeks.

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Nothing to launch its debut smartphone on July 12th

Nothing, the consumer tech startup led by OnePlus co-founder Carl Pei, will reveal its first smartphone, the Nothing phone (1), on July 12. The Nothing Phone 1 will be the company’s second product, following its Ear 1 True Wireless Earbuds.

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In a press release, the company said, "It’s our first smartphone and our most important product. The real start of Nothing’s journey. To make tech fun again. (It's) an invitation to unlearn everything the industry has taught us."

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The press release didn’t share any aspects of the smartphone or a price. The live launch, titled "Nothing (event): Return to Instinct," will be held in London and live-streamed on its website.

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A recent leak from TechDroider, a popular Indian YouTuber best known for his tech content, claims the smartphone will feature a 6.55-inch Full-HD+ (1080x2400 pixels) OLED display with flat edges with no chin. Last month, Pei shared it’ll have a unique transparent design similar to the Ear 1.

Own and secure your crypto with Ledger

If you’re into cryptocurrency and own crypto assets, you need a secure place to store your coins and tokens. You probably already know that you shouldn’t store your crypto on an exchange due to potential hacks, not being solely in control of your crypto’s private keys, and for other reasons, and so a hardware wallet is the way to go and the best option to protect your private keys, therefore, you should make the move to a Ledger wallet.

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Ledger wallets are an extremely secure and premium way to secure, manage, and grow your crypto assets with their Bluetooth-enabled hardware wallets, and easy-to-use app which lets you manage your portfolio on the go. They let you manage multiple assets, buy, sell, grow, and exchange crypto, gain financial freedom by you being in full control and ownership of your private keys, and so much more.

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The wallets are really simple to setup, and to move your crypto over to, so there’s no reason not to secure your assets and take control of your cryptocurrency now and get yourself a Ledger device. You can manage 1800+ coins and tokens directly in the Ledger Live app once you’ve got your device up and running, so you’ll always have your entire portfolio covered.

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