Gamestop announces they’re shutting down the NFT wallet

CategoriesCrypt0, Issue 2023Q3, Issue 2023Q3-2

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u/ Positron49 comments:

SEC doesn’t like centralized exchanges for a different reason than this. In the stock market (which they consider well regulated) a company issues shares to the transfer agent, which then assigns the appropriate amount to Cede & Co. Cede & Co stores those equities in its vault and produces securities (polaroid copies) for everyone under the DTCC to trade with. This is why they are called a “Depository”.

The SEC doesn’t like that Coinbase does ALL of this under one roof. Coinbase buys cryptocurrencies in the market and stores them on one side of its balance sheet. It then generates “securities” aka tickers of the same name as the crypto that only work internally on their platform that follow the price of the asset. SEC says you cannot be the creator of the security and the platform on which it trades.

This sounds like GameStop is aware the SEC is being picky for no reason. Because GameStop wallet is a self-custody wallet and GameStop also owns the NFT Marketplace, it sounds like they are being abundantly cautious that the government won’t like both being active…. even though the combination of the two is far more secure than anything in the stock market today.

u/ TwoTeefDown adds:

Honestly, I feel this is a smart move. The GameStop NFT market is doing really well and has a lot of projects on it doing really well despite only being in alpha/beta stages. it’d be dumb to have an app ruin that due to some stupid, unforeseeable loophole or regulation. So every precaution is necessary to protect this project.

Also, if you only ever used the wallet on mobile, it’s really easy to recover it on PC using your secret phrase via loopring wallet or metamask (your Nfts are on the block chain). The GameStop market place customer service is very helpful and replies quick ime.

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