As cryptocurrencies and online gambling become more common in the United States, the American Gaming Association (AGA) is calling on the Biden administration to consider cryptocurrency’s impact on gambling operators. In a recent letter addressed to Undersecretaries Nellie Liang and Brian Nelson, AGA President Bill Miller spoke of the industry’s crypto concerns and the importance of including the gaming industry in those policy decisions.
The letter comes in the wake of President Biden’s recent Digital Assets Executive Order, which called for developing policies, and more specifically anti-money laundering policies, to address the impact of cryptocurrencies. Miller and the AGA support the Biden administration’s efforts and asked him to take even more steps to ensure that criminal elements are not using electronic money to cover criminal activity.
“As the U.S. government works to translate the policy goals in the Digital Assets Executive Order to actionable legislative and regulatory requirements, AGA respectfully requests that the U.S. government evaluate how any new frameworks or requirements would map onto the gaming industry…Complying with requirements such as anti-money laundering regulations for fiat currency has illustrated over time that the operations of the gaming industry raise unique questions that can necessitate tailored requirements and guidance for the industry,” Miller said.
The AGA letter continues on this fashion offering support for Biden Administration cryptocurrency policies. Miller goes on to say that staying in front of crypto technology and regulating it appropriately is the best means for combating fraud, rather than banning digital cash entirely.
So far there’s been no official response to the AGA letter from the Biden administration.