CoinSmart Crypto Recap April 20, 2023

crypto recap

Welcome to the CoinSmart crypto recap. Let’s look at the hottest stories that came up this past week. Here is an overview:

  • SEC Chair under the pump
  • Uniswap V3 Deployed on Polygon zkEVM

SEC Chair under the pump

Ohio Representative Warren Davidson has introduced new legislation aimed at removing Securities and Exchange Commission (SEC) Chairman Gary Gensler and replacing him with an Executive Director who reports to the board. The move follows a series of actions taken by the SEC against the crypto industry, which have been viewed by advocates as extrajudicial crackdowns.

Davidson is not alone in his opposition to the SEC’s war on crypto; SEC Commissioner Hester Peirce, also known as “Crypto Mom,” has been vocal about the agency’s stance. On April 14, Peirce issued a statement criticizing the SEC’s proposed rule amendments, stating that they would “embrace stagnation, force centralization, urge expatriation, and welcome extinction of new technology.” The SEC has been relentless in its crackdown on the crypto industry, including the decentralized finance (DeFi) ecosystem. Gensler has stated that many DeFi platforms must comply with securities laws and register with the regulator. However, a growing number of lawmakers argue that it is Congress’s job to classify crypto assets as securities, not Gensler’s.

Uniswap V3 Deployed on Polygon zkEVM

Uniswap DAO has approved a governance proposal to deploy Uniswap’s version 3 (or v3) decentralized exchange on Polygon zkEVM, a new ZK-Rollup solution compatible with the Ethereum ecosystem. This move follows the expansion of popular Ethereum apps to the new wave of ZK-Rollups, indicating that Ethereum is growing in its ability to offer its main features at scale. Polygon Labs initiated the proposal, and after receiving over 42.4 million votes in favor, Uniswap will be officially released on the zkEVM.

Uniswap v3 already exists on the Polygon sidechain, and its deployment on zkEVM will allow users to access the decentralized exchange from Polygon’s Layer 2 network. Polygon zkEVM uses zero-knowledge proofs to inherit Ethereum’s core security and provides EVM equivalence, making it compatible with the existing Ethereum ecosystem and tooling. With the deployment of Uniswap v3 on Polygon zkEVM, users can swap tokens with faster transaction processing and greater scalability for Ethereum.

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