The American Gaming Association has sent a letter to the President of the United States requesting that the Biden administration partner with the igaming industry.
Regarding the US government’s ongoing efforts to develop and implement a digital strategy, the AGA respectfully requests that the US government evaluate how any new frameworks or requirements would map onto the gaming industry.
The executive order is said to put in motion a “whole-of-government effort”to promote the appropriate principles, standards and best practices for governing digital assets – such as cryptocurrencies and NFTs.
Furthermore, the use of digital assets in gaming is allegedly under consideration by many companies and regulators as the sector explores alternative payment options.
The letter read: “Complying with requirements such as anti-money laundering regulations for fiat currency has illustrated over time that the operations of the gaming industry raise unique questions that can necessitate tailored requirements and guidance for the industry.
“As they have with fiat currency, AGA’s members remain a willing partner to assist the US government to fashion predictable and workable guidelines to govern the use of digital assets in the gaming industry.”
AGA members commended the administration on the Digital Assets Executive Order, signed on March 9 of this year, stating that it acknowledged the potential benefits of digital assets, declaring that “we must reinforce United States leadership in the global financial system and in technological and economic competitiveness, including through the responsible development of payment innovations and digital assets”.
The letter concluded that, while the AGA’s members “strongly support” the Administration’s Digital Assets Executive Order, it believes that it takes “a clear-eyed approach” to recognise both the opportunities and challenges that digital assets and blockchain technology present.