1. BITBILIHome
  2. Article

GameStop withdraws support for crypto wallets amid regulatory uncertainty

• 110 views

TL;DR Breakdown

  • GameStop will discontinue its crypto wallet services by November 1, 2023, due to U.S. regulatory uncertainty.
  • The decision aligns with the company’s cautious approach to digital assets, avoiding significant risk in the crypto space.
  • This move reflects broader challenges in the U.S. regulatory landscape, including recent lawsuits against crypto companies.

Description

Leading video game retailer GameStop (GME) announced that it would discontinue support for its crypto wallets, a move that comes in the wake of heightened regulatory scrutiny in the United States. The wallets, which enabled users to manage both cryptocurrencies and non-fungible tokens (NFTs), will be removed from the market on November 1, 2023. The … Read more

Leading video game retailer GameStop (GME) announced that it would discontinue support for its crypto wallets, a move that comes in the wake of heightened regulatory scrutiny in the United States. The wallets, which enabled users to manage both cryptocurrencies and non-fungible tokens (NFTs), will be removed from the market on November 1, 2023.

The company, which rolled out the wallet service around a year ago, has informed customers to access and recover their secret passphrase by October 1. For now, GameStop NFTs can still be managed through other compatible platforms, such as Metamask and WalletConnect.

The decision follows recent actions by U.S. regulators, including lawsuits against major crypto players like Coinbase and Binance, and delisting actions taken by trading platform Robinhood (HOOD). The regulatory crackdown has caused several companies to shift focus overseas as they wait for more definitive regulatory guidance in the region.

GameStop’s crypto stance and industry implications

GameStop’s hesitance toward digital assets has been evident for months. Former CEO Matt Furlong expressed a cautious outlook on crypto in a December 2022 earnings call, stating that while the company sees long-term potential in digital assets within the gaming world, it would not risk substantial stockholder capital in the crypto space. It is important to know that the retailer had already cut ties with at least six employees involved in blockchain projects a day before that call.

The uncertainty surrounding GameStop’s crypto operations is emblematic of a broader debate in the industry. The lines defining what constitutes securities within the crypto sphere are still blurred, leading to clashes between regulatory bodies such as the CFTC and SEC. Recent lawsuits by the SEC against Binance and Coinbase in June over alleged unregistered securities offerings have only added to the ambiguity.

GameStop’s pullback from crypto is likely to raise more questions about the regulatory landscape in the U.S., especially as the debate over crypto assets and securities continues to unfold. However, the company’s representatives did not provide detailed specifics regarding the regulatory uncertainty leading to this decision.

The move comes after significant efforts by GameStop to venture into the crypto and NFT space, including laying off multiple software engineers working on its crypto wallet as recently as December. In addition, the wallets allowed users to manage their assets through decentralized apps and facilitated transactions within GameStop’s NFT marketplace.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:GameStop withdraws support for crypto wallets amid regulatory uncertainty

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月2日 12:41
Next 2023年8月2日 13:57

Related articles

  • House Speaker McCarthy calls for President Biden’s bank statements amid impeachment inquiry preparations

    TL;DR Breakdown McCarthy demands Biden’s bank statements amid impeachment inquiry preparations. The inquiry could empower Congress to obtain resisted information and lead to impeachment articles. The inquiry’s start could be delayed to October, pushing a final impeachment vote to January. Description House Speaker Kevin McCarthy has called on President Biden to release his bank statements to dispel allegations of benefiting from his family’s foreign business dealings. This demand comes as Republicans prepare to launch an impeachment inquiry as early as next month. McCarthy asserts that sufficient evidence suggests that the Biden family needs to demonstrate that … Read more House Speaker Kevin McCarthy has called on President Biden to release his bank statements to dispel allegations of benefiting from his family’s foreign business dealings. This demand comes as Republicans prepare to launch an impeachment inquiry as early as next month. McCarthy asserts that sufficient evidence suggests that the Biden family needs to demonstrate that there was no pay-to-play scheme involved in their foreign business transactions. The call for transparency is rooted in a controversial WhatsApp message dated July 30, 2017,…

    Article 2023年8月9日

  • Here is how UK can actually tackle inflation

    TL;DR Breakdown UK can tackle inflation by adjusting monetary policy and potentially raising interest rates. Increase taxes for the better-off to drive out inflation. Advocate for a more balanced housing policy to stabilize the market. Address missed opportunities to invest in infrastructure during periods of low interest rates. Description Inflation, like an uninvited guest, is making itself felt in the UK, affecting everyday finances, right from interest rates to mortgage repayments. While this is a headache for most, for some, it’s business as usual. This uneven distribution of pain makes it clear that the current monetary policy isn’t doing enough to quickly combat inflation. … Read more Inflation, like an uninvited guest, is making itself felt in the UK, affecting everyday finances, right from interest rates to mortgage repayments. While this is a headache for most, for some, it’s business as usual. This uneven distribution of pain makes it clear that the current monetary policy isn’t doing enough to quickly combat inflation. Rebalancing housing policies A key area that’s been disproportionately affected is the housing market. It’s a market segment…

    Article 2023年7月10日

  • Joe Biden’s economic policy overhaul – What to know

    TL;DR Breakdown Biden’s economic policy aims to revitalize American manufacturing, focusing on industrial hubs like Buffalo, New York. This policy marks a departure from laissez-faire economics and promotes more government intervention in the economy. Bills like the Inflation Reduction Act and Infrastructure Investment and Jobs Act provide subsidies, grants, and loans to stimulate investment in several sectors. Description The dormant industrial scene of Buffalo, New York is undergoing a drastic renaissance as the once pulsating center of American manufacturing is beginning to show signs of life again. This remarkable change is the result of President Joe Biden’s economic policy overhaul, signaling a momentous shift in American economic thinking. Reigniting the flame of industry … Read more The dormant industrial scene of Buffalo, New York is undergoing a drastic renaissance as the once pulsating center of American manufacturing is beginning to show signs of life again. This remarkable change is the result of President Joe Biden’s economic policy overhaul, signaling a momentous shift in American economic thinking. Reigniting the flame of industry A colossal industrial campus, originally built in 1923 for…

    Article 2023年7月13日

  • Grayscale urges SEC to treat all Bitcoin ETF applications fairly

    TL;DR Breakdown Grayscale has urged the SEC to treat all the spot Bitcoin ETF applications fairly. Questions arise over surveillance-sharing agreements of the ETFs. Description The U.S. Securities and Exchange Commission (SEC) finds itself at a crossroads as it contemplates the approval of spot Bitcoin Exchange-Traded Fund (ETF) applications. Grayscale Investments, a prominent player in the cryptocurrency investment space, has urged the SEC to grant equal treatment to all applicants if it approves any of the proposals. The company believes … Read more The U.S. Securities and Exchange Commission (SEC) finds itself at a crossroads as it contemplates the approval of spot Bitcoin Exchange-Traded Fund (ETF) applications. Grayscale Investments, a prominent player in the cryptocurrency investment space, has urged the SEC to grant equal treatment to all applicants if it approves any of the proposals. The company believes that singling out certain ETF applications would create an unfair advantage for those chosen and may not align with the Commission’s statutory standards. Grayscale wants equal treatment for all applicants The listed proposals under consideration include Ark 21 Shares, Invesco Galaxy, iShares…

    Article 2023年7月29日

  • Binance.US market depth drops by 78% amid SEC lawsuit: what comes next?

    TL;DR Breakdown Binance.US market’s depth fell by 78%, raising questions about liquidity as market participants leave the platform. The market depth was $34 million on the day before the lawsuit, June 4, whereas on Monday it dropped to $7 million. Coinbase’s market share climbed over the past week from 46% to 64% for unspecified reasons, as Binance.US’s market share decreases. The US has seen a shocking 78% loss in market depth across the top 25 crypto assets after the Securities and Exchange Commission announced its lawsuit against Binance.US and CEO Changpeng Zhao on June 5. This court struggle has sent shockwaves across the crypto sector, leaving investors and traders wondering about the future of Binance.US and the consequences for the larger crypto market. Market makers abandon Binance.US, causing a drop in market depth Binance.US, the American arm of the popular crypto exchange Binance, has seen a dramatic drop in market depth due to a lawsuit brought by the US Securities and Exchange Commission (SEC).  The primary cause of the rapidly declining market depth can be the market makers’ hasty exit…

    Article 2023年6月15日
TOP