AGA Calls for Inclusion in Digital Currency Discussion

The American Gambling Association (AGA), representing the interests of the gambling industry in the United States, has requested to be included in the government’s efforts to better understand digital currencies and assets. By doing so, they want to make certain that the members of the organization will not face the unfair burdens of any additional regulations that may come to be in the near future.

In regards to cryptocurrencies and digital assets such as non-fungible tokens, the government says it wants to ensure the public’s safety. The national trade group whose headquarters are in the nation’s capital believes that President Joe Biden’s March executive order, “Ensuring Responsible Development of Digital Assets,” was justifiable. Meanwhile, it requests participation in ongoing administrative deliberations on best practices.

The Details

White House Deputy Assistant for Science and Technology Policy Dr. Alondra Nelson and Under Secretaries of State for both Terrorism and Financial Intelligence Nellie Liang and Brian Nelson received a letter from AGA President and CEO Bill Miller addressing this issue.

Specifically, AGA President and CEO Bill Miller issued a letter to Domestic Finance Under Secretary Nellie Liang, Terrorism and Financial Intelligence Under Secretary Brian Nelson, and White House Science and Technology Policy Deputy Assistant Dr. Alondra Nelson to discuss this issue.

In the letter, the AGA asked the government to consider how any new frameworks or regulations would apply to the gaming sector as it works to transform the policy aims of the Digital Assets Executive Order into concrete legislative and regulatory obligations.

Several gaming companies, according to the AGA’s chief executive, are exploring adopting digital currency and assets. He notes that increased regulatory compliance in financial transactions is a common occurrence in the gambling sector. The AGA recognizes this fact and is eager to collaborate with policymakers to establish robust standards for managing digital assets.

Lots of Potential Contributors

Miller assured the government representatives that the gaming sector in the United States is ready to help the White House create and execute a plan for digital assets. More and more traditional and online casinos, as well as tribal iGaming operators, are considering expanding into the cryptocurrency and digital asset markets.

On the other hand, these businesses have expressed a desire to collaborate with the government to make sure that the gaming sector is provided with unambiguous direction for the fulfillment of its duties under the Bank Secrecy Act (BSA).