Overview
On April 22, Payments Dive quoted Steptoe financial services partner Stephen Aschettino in an article titled "Video Game Industry Preps for Oversight." The article discusses the Consumer Financial Protection Bureau's (CFPB) recent report about how video game companies are increasingly acting like banks, signaling a potential first step in regulating an industry that has been largely left alone and may not be prepared for oversight.
Aschettino warns that as the market for digital goods has grown, the industry will soon find itself facing the same kind of compliance concerns faced by banks. "I would argue these types of transactions are already regulated, Aschettino said. "There are anti-money laundering rules, laws that could apply. There are securities laws that could apply, money transmission laws can apply."
