GameStop to Remove Crypto Wallet Support Citing Regulatory Uncertainty
GameStop, the leading video game retailer, has announced that it will remove its support for crypto wallets on November 1, 2023. The decision comes after just one year of rolling out the service, citing regulatory uncertainty in the United States. Customers will have access to the wallets until October 1.
Key Points:
– GameStop’s iOS and Chrome Extension wallets, which allow users to manage crypto and NFTs, will be removed from the market.
– The company conducted layoffs in December, which included software engineers working on its crypto wallet.
– Regulators and lawmakers in the U.S. have been cracking down on crypto-related companies, with Coinbase and Binance being sued by the SEC.
– Robinhood also delisted tokens named as securities in recent SEC lawsuits.
– Many companies have moved overseas to focus on their business until there is more regulatory clarity in the U.S.
Hot Take:
GameStop’s decision to remove its support for crypto wallets reflects the increasing regulatory uncertainty in the United States. With regulators cracking down on crypto-related companies, the move is not surprising. It remains to be seen how other companies in the crypto space will navigate these regulatory challenges and whether the U.S. will eventually provide more clarity in this area.
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