Fighting for Improved Regulation Across a Virtual Backdrop

Despite having all the intelligence at their disposal, human beings have failed rather sensationally at not making mistakes every now and then. This dynamic, in particular, has popped up on the surface quite a few times throughout our history, with each of these appearances practically forcing us to look for a defensive cover. We will, however, solve our conundrum in the most fitting way possible, and we’ll do so by bringing dedicated regulatory bodies into the fold. Having a well-defined authority across every area was a game-changer, as it instantly gave us a safety cushion against our many shortcomings. Now, while the utopia you would expect from such a development did arrive, it ended up dissipating into thin air before anyone expected. Talk about what caused this sudden death; it was all technology’s fault. You see, the moment technology got its layered nature took over the scene, it allowed people an unprecedented chance to exploit others for their own benefit. In case this didn’t sound bad enough, the whole runner soon began to materialize on such a massive scale that it, quite unsurprisingly, overwhelmed our governing forces and sent them back to the drawing board. After spending a lengthy spell in the wilderness, though, it seems like the regulatory contingent is finally ready to make a comeback. The same has only turned more and more evident over the recent, and one new development involving a Metaverse casino should do a lot to keep that trend alive and kicking.

Four US states have filed a cease-and-desist order against the virtual casino named, Slotie, in relation to its possibly illegal gambling operation. According to the relevant authorities from New Jersey, Kentucky, Texas, and Alabama, the casino committed a serious violation by selling NFTs that weren’t properly registered. On top of that, the company then refused to provide critical details like its business address, telephone number, and email address to all the investors. Hold on, there’s more. Slotie also failed to disclose its assets, liabilities, revenue and other related financial information to the relevant regulators. As a result, it is now ordered to halt NFT sales in the stated four states. If, by any chance, it doesn’t follow the instructions, Slotie will have to pay a fine up to $10,000. Nevertheless, the company still has about 31 days to request a hearing on the case.

“The latest metaverse investment products — NFTs that purport to provide passive income — often bear significant undisclosed risks,” said Joe Rotunda, the state securities board director of Texas. “These risks are often significant, and investing in virtual realities can leave investors virtually broke.”

Fair enough, this isn’t the first time we have seen a scam, which bears NFT and the Metaverse as its primary constituents. However, with Slotie rightfully reprimanded for its mistake, we can at least be hopeful for the situation to change sooner rather than later.

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