The US Congress has approved the Clarity Act, a bill that excludes video game items from being regulated as digital commodities. This decision may open new opportunities for the gaming industry.
Key Aspects of the Clarity Act
The Clarity Act has been passed by the US House and amends the Commodity Exchange Act. It clarifies the status of in-game assets, collectibles, and virtual land, indicating they will not be considered digital commodities.
Impact on the Gaming Industry
Immutable co-founder Robbie Ferguson stated that clear regulation could lead to significant Web3 adoption in the gaming industry. Ferguson noted that 1.2 billion monthly active users among the top five gaming studios could catalyze the launch of new tokens.
Related Initiatives and Stablecoins
Along with the Clarity Act, the Genius Act was introduced, which proposes regulations for stablecoins. Axie Infinity co-founder Jihoz mentioned that this legislation is bullish for Ethereum and could redirect capital into the application layer, including NFTs and gaming projects.
Thus, the passage of the Clarity Act and Genius Act represents an important step in the regulation of digital assets and may promote the development of new technologies in the gaming industry.
