KEYTAKEAWAYS
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The SEC withdraws key DeFi custody proposals, easing regulatory pressure but hinting at future oversight possibilities.
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Uniswap upgrades its wallet with smart features, boosting UX with one-click swaps and gas fee flexibility.
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Polygon launches POL on Solana via Wormhole NTT, enabling native cross-chain functionality and expanding ecosystem reach.
CONTENT
SEC DROPS GENSLER-ERA DEFI CUSTODY RULES
On June 13, the U.S. SEC officially withdrew several proposed rules aimed at imposing stricter regulations on DeFi and crypto custody.
Among them was the controversial amendment to Rule 3b-16 under the Exchange Act, originally introduced in April 2023 under former chair Gary Gensler’s enforcement-heavy leadership.
Analysis:
This is seen as a short-term win for the DeFi industry, easing compliance pressure and regulatory uncertainty. However, the SEC hasn’t ruled out future oversight—it may return with new approaches later.
The move may reflect a subtle policy shift in response to political and industry pressures, signaling a potential search for a more balanced regulatory path.
Given the U.S.’s global influence, this decision could send a positive signal to other jurisdictions, creating more room for DeFi innovation globally.
UNISWAP WALLET ADDS SMART WALLET FEATURES
Uniswap Labs has activated smart wallet functionality in its mobile wallet, enabling one-click swaps, bundled transactions, and upcoming features like gas sponsorship and fee payments using any token.
The wallet defaults to smart mode, built on Ethereum’s EIP-5792 and aligned with the upcoming Pectra upgrade.
Analysis:
This upgrade significantly improves user experience, especially for newcomers, and shows Uniswap’s ambition to become a mainstream Web3 gateway.
By reducing friction and gas costs, it lowers the barriers to entry—but smart wallets also introduce contract complexity, which could bring new security risks.
It’s a big UX step forward, but vigilance is still required.
POLYGON EXPANDS POL TO SOLANA VIA WORMHOLE
On June 12, Polygon announced its native token POL is now live on Solana via Wormhole’s Native Token Transfers (NTT) framework. Unlike wrapped assets, this move preserves POL’s core functionalities—governance, fee payments, and security—across chains.
Analysis:
This is a key milestone in Polygon’s cross-chain strategy, increasing POL’s liquidity and usability while unlocking access to Solana’s developer and user base.
It highlights the move toward genuine interoperability, supporting more native, multi-chain use cases.
In the broader Web3 landscape, it strengthens Polygon’s position in building a seamlessly connected blockchain ecosystem.
