Enjoy your Axie Infinity, Cryptogene while you can new projects like LifeBeyond might be the last that has been developed in the golden age of GameFi. Rules are about to change.
Are cryptocurrency games innocent fun? Or are they Ponzi schemes facing imminent action from regulators in the United States?
Tokens related to cryptocurrency games — colloquially known as “GameFi” — were worth nearly $10 billion in total as of mid-August, give or take a few billion. (The number may vary depending on whether you include partially completed projects, how you count the number of tokens the projects technically have in circulation, etc.) In this sense, the question of whether games are legal is a $10 billion question that few investors considered. And that's a mistake they may soon regret.
That's because a bipartisan consensus appears to be forming among U.S. lawmakers that the industry needs to be shut down. They haven't addressed the issue specifically — good luck finding a member of Congress who utters the word "GameFi" — but there are at least two bipartisan proposals circulating among senators that would effectively kick these gaming projects off American soil.
Source: https://www.reddit.com/r/NFTGames/comments/ya0qo8/things_might_be_about_to_change_for_gamefi/
