Texas and Alabama have moved to stop a casino for its activities relating to NFTs. The states cited security reasons as their motive for giving the orders. The Alabama State Securities Commission ordered Sand Vegas Casino Club to stop selling non-fungible tokens.
The regulatory body alleged that the casino’s NFT moves were questionable, describing it as a fraudulent investment scheme. The state’s regulators further referred to a security breach at the casino earlier this year. In January, a spoofing attack on the platform’s investors had cost it over $154,000.
The Texas State Securities Board has also joined its Alabama counterpart organization in stopping Sand Vegas’ actions. Texas State’s laws also categorized the casino’s security offerings as illegal.
However, analysts say the order is unlikely to limit the growth of the virtual casino as interest in non-fungible tokens and the Metaverse keeps enlarging across mainstream companies. Mainstream firms continue to accept web3 and reportedly seek to absorb crypto in their system.
Additionally, online casinos have continued to improve significantly. The industry appears to explore the virtual avatar world to take Internet gambling to an entirely new level.
At the time of this report, the virtual casino remains active. Its non-fungible tokens are also up for sale on OpenSea.
Germany Overtakes Singapore as the Most-Friendly Country to Cryptocurrencies in the First Quarter of 2022
Meanwhile, a recent study published earlier this week identified Germany as the most-friendly nation for cryptocurrency.
According to Coincub, Germany’s move across three spots to first place is connected to the nation’s positive stance toward buying, selling, and investing in crypto.
The report also states that Germany has the largest number of Bitcoin nodes outside the United States. However, Coincub remarked that Germany has a lower population and GDP than the US. It, therefore, attests to the European country’s intensive commitment to digital assets.
Additionally, the report highlighted several positive moves toward institutional approval of cryptocurrency in the country. German’s operating firm for its stock exchange reportedly listed over 19 products traded on cryptocurrency exchanges on its digital exchange.
While Singapore had held the top spot in Coincub’s list in Q4 2021, Coincub says that recent guidelines within the country affected its position. Nonetheless, Coincub explains that Singapore remains a force to reckon with in the blockchain industry.
Elon Musk Says He Has Alternative Plan If Twitter Bid Gets Rejection
In another recent development, Elon Musk announced that he has an alternative plan in the pipeline should Twitter reject his bid to take a significant share of the corporation. Heade the disclosure while attending a conference in Canada. While Musk hasn’t yet announced the details of his Plan B, his comments during the interview depict someone well-prepared for a denial from Twitter’s board.
The CEO of Tesla claims that there is little possibility for freedom of speech on Twitter with its current framework. He wants to take complete control of the platform towards promoting users’ freedom of speech on the platform. Moreover, Musk also wants to privatize the corporation if he takes over the company towards meeting his goals.