Crypto on LYO: The Blend — US Pro-crypto Bill, Metaverse Tokens, PayPal Digital Transactions

What happened in the crypto world in the last week? Let’s see some interesting news together!

U.S. Senators File Pro-Crypto Bill

U.S. Senators Cynthia Lummis and Kirsten Gillibrand filed a bill on Tuesday allowing tax-free crypto transactions less than $200. The bill also grants powers to Commodity Futures Trading Commission (CFTC) as the crypto industry regulator.

According to Gillibrand, this bill “will provide clarity to both industry and regulators, while also maintaining the flexibility to account for the ongoing evolution of the digital assets market.”

Metaverse Tokens Outperform All Crypto Markets

According to Kraken Intelligence’s May 2022 report, Decentraland (MANA), The Sandbox (SAND), Axie Infinity (AXS), ApeCoin (APE), and STEPN (GMT) gained nearly 400% year-on-year.

NFT and crypto Metaverse have been drawing mainstream attention since 2021. Moreover, usership among blockchain-based games enjoy a steady one million users per day.

PayPal Allows Transferring Digital Assets to Other Wallets

PayPal is now allowing its users to transfer digital assets from their platform to other wallets and exchanges, a year after PayPal crypto chief Jose Fernandez da Ponte said that the features are in the works.

In an interview with Coindesk, da Ponte said that “We want people on our platform acquiring digital currencies to be able to then use them to do something, whether it’s buying NFTs or interacting with games or other things, and stablecoins are a component of that and really important for the commerce and payments aspect to grow.”