The United States gaming industry wants the federal government to involve it to understand digital assets and currencies better. Its stakeholders hope that any new regulations that governments will make won’t adversely affect their operations.
D Las Vegas downtown on Fremont Street is among the gaming sites that have disclosed they are crypto-friendly and have a bitcoin ATM. Local gaming operators want to partner with the federal government to implement safeguards which will control the use of digital currencies soon.
The American Gaming Association’s Contribution
The American Gaming Association (AGA) is tribal and commercial casinos’ main lobbying arm. It is a DC-based trade group that claims that President Joe Biden’s “Ensuring Responsible development of Digital Assets” Executive Order was warranted. But, it wants the administration to involve it directly when considering the best gaming practices.
The federal government stated that it wants to protect citizens about digital assets such as non-fungible tokens (NFTs) and cryptocurrencies. Bill Miller, AGA’s CEO and President sent a letter to Nellie Liang (Domestic Finance Under Secretary) Brian Nelson (Terrorism and Financial Intelligence Under Secretary), and Dr. Alondra Nelson (White House Science and Technology Policy Deputy Assistant).
It stated that the association urges the American government to assess how new requirements and frameworks would impact the gaming industry as it translates the Digital Assets Executive Order’s policy goals to actionable regulatory and legislative requirements. Miller claims that some gaming operators want to integrate digital assets and currencies into their systems.
The executive adds that the local gaming industry is facing more regulatory compliance in its financial transactions. So, the AGA wants to partner with various decision-makers to develop effective and safe digital asset monitoring practices.
More About the Partnership
Miller informed some government officials that the local gaming industry has started venturing into digital currency. Still, it is eager and willing to help the White House develop and implement the best digital assets strategy.
Casino operators have complied with requirements like anti-money laundering laws for fiat currency. This shows that their operations pose unique questions which can prompt the government to tailor more industry-specific requirements and offer guidance.
AGA members are willing to aid the federal government to create workable guidelines that will govern digital assets in online gaming. Reports state that many online gaming, tribal and commercial casino operators are interested in venturing into the digital assets and cryptocurrency markets.
Those gaming companies are ready to collaborate with the government to make the gaming industry fully adhere to its Bank Secrecy Act (BSA) requirements. The Act requires all financial institutions such as casinos to help the federal administration to detect and prevent money laundering. Also, it compels them to record daily transactions that exceed $10,000 and create activity reports when an individual or group is suspected to move money illegally.
Are There Any Regulatory Risks?
Some people are concerned about the regulation of cryptocurrencies and various digital assets. Biden stated in the Executive Order that digital money can be a national security threat if the government doesn’t act. Also, it can affect data privacy, financial equity and inclusion, climate change, energy demand, systemic risk, and financial stability.
100% up to $3,000 Bonus
Bovada is our most recommended ONLINE CASINO and POKER ROOM for US players with excellent deposit options. Get your 100% signup bonus today.
Leave a Reply
You must be logged in to post a comment.