Welcome to the Future!
What is happening? VIXIO, a regulatory intelligence firm, estimates that if every state that has land based casinos or mobile sports betting adopted gaming the annual tax revenue would be $6.35 billion.
Why is this important? Huge untapped market. States could access billions in tax revenue.
How will this be important? Annual iGaming revenue from 42 states is estimated to exceed $30 billion
Casino.org | iGaming Could Generate $6.35B in Annual Taxes, Study Finds
What is happening? Twitch users are reporting that SWATing, or swatting, calling in a fake crime to cause SWAT to enter a home of a gaming or social media person with the intent to harass them.
Why is this important? As a LGBTQ twitch streamer noted when she was SWATed, her life was in danger.
How will this be important? SWATing has resulted in at least 1 death.
What is happening? The Texas Attorney General will be issuing an opinion on whether school districts can to contract with a vendor for security services for services that include facial recognition software.
Why is this important? Texas Business and Commerce Code chapter 305 has limits on biometric data- from back in the early 2000s when personal privacy was super important in Texas.
How will this be important? It is a measure off where the far right in Texas is on privacy.
What is happening? The U.S. House Financial Services Committee wants Diversity, Equity & Inclusion data from cryptocurrency players.
Why is this important? The Committee wants to ensure that the U.S. financial services system works for all.
How will this be important? ” The committee has singled out 20 firms it believes to be the “largest crypto, Web3, and digital assets companies,” as well as venture capital firms in the space. These include Aave, Andreessen Horowitz, Binance.US, Circle, Coinbase (NASDAQ: COIN), Crypto.com, Digital Currency Group, FTX, Gemini, Haun Ventures, Kraken, OpenSea, PancakeSwap, Paradigm, Paxos, Ripple, Sequoia Capital, Stellar Development Foundation, Tether, and UniSwap. “
CoinGeek | US lawmakers calls for diversity and inclusion data from 20 digital assets firms
What is happening? The Wall Street Journal reports that “Securities and Exchange Commission issued a proposal Wednesday that would require large hedge funds to report their cryptocurrency exposure through a confidential filing known as Form PF.”
Why is this important? Crypto is not heavily regulated and now we’re seeing a scramble for regulation and oversight.
How will this be important? Regulators are getting twitchy because of ac concern of financial collapse if crypto holdings extend too far into traditional financial institutions before regulations are in place.
Wall Street Journal | Regulators Weigh Asking Hedge Funds to Report Crypto Exposure
What is happening? The federal CHIPS and Science Act funds create 20 “regional technology and innovation hubs.”
Why is this important? $10 billion will be allocated to the Department of Commerce over 4 years to fund 20 hubs. At least 3 hubs will be placed in each of the Economic Development Administration’s six regions.
How will this be important? Facts sheets say that the hubs will “position communities throughout the country to lead in high-growth, high-wage sectors such as artificial intelligence, advanced manufacturing, and clean energy technology.”
Route Fifty | Semiconductor Bill to Fund 20 Regional Technology Hubs
What is happening? Two weeks after New Orleans Police Department began using facial recognition software, City Council passed additional ordinances governing its use.
Why is this important? The new ordinances prohibit the software’s use for violations or crimes related to Lousiana’s abortion law or sex crimes between adults. The software may be used with permission from the State Police for certain crimes such as violent crimes, including shootings, carjackings and rapes.
How will this be important? Overturning of Roe v. Wade is impacting a wide range of existing state laws and its ordinances.
Times-Picayune via Governing | New Orleans City Council Regulates Facial Recognition
What is happening? Gucci leads all retailers in accepting crypto. 70% of its full, directly operated stores accept crypto. Gucci says it likes the spirit of adventure.
Why is this important? Gucci was the first brand to accept crypto, and this week was the first brand to accept ApeCoin. This week as in the week that includes August 4, 2022- what a roller coaster!
How will this be important? Forbes: “Bitcoin and Ethereum, for instance, are bouncing back after a major crash in June 2022. But the fascination with block-chain based currency endures.”
What is happening? The list of U.S. Senators working on crypto legislation includes: Sens. Debbie Stabenow, D-Mich., and John Boozman, R-Ark.; Sen. Pat Toomey, R-Pa; Sens. Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R-Wyo;
Why is this important? There’s a host of ideas. In order of the authors proposals these bill will:
How will this be important? The proposals are all bipartisan. Something they can agree on- they’ve got to fix the anarchy of crypto.
AP | New crypto oversight legislation arrives as industry shakes
What is happening? The Net Neutrality and Broadband Justice Act defines broadband internet access as a telecommunications service granting authority to the Federal Communications Commission to reinstate net neutrality protections.
Why is this important? FCC could then prohibit discriminatory practices like blocking, throttling and paid prioritization online.
How will this be important? The public policy goals are to enhance public safety, increase accessibility, close the digital divide, and protect consumers.
Route Fifty | Bill Aims To Reclassify Broadband As Essential To Promote Net Neutrality