Payments Focus: What does Clarity Act denial mean for cryptocurrency in gaming?
Following the Senate’s rejection of the Clarity Act, where does the future of cryptocurrency lie in the US – and how might any measures impact payments providers across gaming?
Over the past 12 months, lawmakers across the US have played a game of tug-of-war on the potential legality of the Clarity Act, which was primarily intended to create a federal framework for digital assets. It also aimed to define the respective jurisdictions of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
On September 15, however, opponents of the legislation finally managed to pull away in victory after the US Senate chose to reject the Clarity Act, leaving a relatively vague future for how cryptocurrency will be regulated across the country. While the age of digital assets in gaming is still quite young, how virtual currency is managed by lawmakers – both state and federal – is crucial if such integrations are to become the norm on casino floors and iGaming platforms.