The Ledger: Metaverse surges, SEC targets crypto staking

This week was filled with gaming projects, regulatory action, and interesting trends.

This week started with confirmation that Super Bowl LVII will not feature any cryptocurrency advertisement.

This down to a combination of things, including growing regulatory pressure, but also the fact that companies can no longer afford to spend millions on a few seconds of floating logos against a dark screen.

FTX, Crypto.com, Coinbase, and many others have lost significant value or gone belly up, as is the case with FTX since the previous Super Bowl.

Speaking of regulation there were several things to note this week. For starters, the UK has issued a warning to businesses to prepare for a new advertisement regime. A grace period may apply, but changes will happen quickly, the Financial Conduct Authority said.

The country has also confirmed that it will be moving forward with Britcoin, which is essentially going to digitalize money based on blockchain technology within the next ten years.

In South Korea, regulators have decided to provide consumers and businesses with a basic framework on “security tokens”. The new initiative should help consumers and businesses to benefit from a thriving crypto industry.

And, while South Korea has been trying to build a meaningful relationship with crypto, the country’s northern neighbor has been stealing it.

North Korean hackers are said to have bagged as much as $1bn in 2022, although some estimates put this number even higher.

Stake.com has managed to surpass some of the mainstream gambling companies out there, generating more than $1bn in revenue in 2022, according to Regulus Partners.

The US Securities and Exchange Commission is looking to suspend crypto staking – or so it appears. Kraken, a popular exchange, has reached a $30m settlement to discontinue its staking product in the US.

Coinbase CEO Brian Armstrong has criticized SEC’s attempt to shut down staking, explaining that this is an instrumental part of the Ethereum blockchain – banning staking could stifle innovation and push businesses offshore.

Meanwhile, metaverse projects are up even though companies such as Meta (formerly Facebook) have been reporting steady losses on such projects.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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