This Week in Crypto Regulation: A Closer Look at the Current Landscape
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As the SEC continues to dismiss investigations into crypto companies at a rapid pace, the industry is experiencing a sense of newfound freedom. However, the lack of concrete rules and regulations poses a challenge for founders and projects looking for stability.
Despite this uncertainty, Avalon’s Sean Pinnock reassures founders and developers based in the US that there is still reason to breathe a sigh of relief amidst the regulatory changes.
Yesterday, The Drop’s Kate Irwin and I hosted a collaborative chat on gaming during an X Spaces session. For those who missed the discussion, a recap is available for your listening pleasure.
Real Agency HQ’s Jonah Blake reflects on the current state of the industry and speculates on what lies ahead. While friendlier regulation may seem promising, it does not guarantee a return to previous market narratives, such as gaming, as evidenced by recent market behavior.
Abstract’s Phin Totten notes a trend of Solana traders engaging with Onchain Heroes, an idle RPG, but hesitating to explore further opportunities. This hesitation suggests that the industry is still in its early stages, with the potential for significant growth in the future.
Blake compares the crypto economy to sin industries like gambling and adult entertainment, emphasizing the focus on quick financial gains and the mindset of participants. While this comparison may raise eyebrows, it sheds light on the motivations driving certain behaviors within the industry.
It is important to recognize that not all aspects of crypto fit this mold, especially in the current landscape. However, memecoins and similar assets with a speculative nature continue to shape subsectors like gaming.
“We’ve created an industry that prioritizes rapid wealth accumulation and the pursuit of easy money,” Totten explains. “This mindset influences how developers approach their projects and the experiences they create for users.”