The U.S. House Financial Services Committee passed the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act in July 2023.

United States Representative French Hill, chair of the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, provided the public with an update on how lawmakers planned to move forward with crypto-related legislation in 2024.

Speaking at an event hosted by the Foundation for Defense of Democracies (FDD) on Jan. 29, Representative Hill said U.S. lawmakers in the House of Representatives had marked up two bills aimed at addressing stablecoins and the regulatory framework of cryptocurrencies and had a “very good working draft” of the latter by the end of 2023. The subcommittee chair said he hoped both bills would be “on the same track” moving forward.

“I still am optimistic that you’ll see those bills come to fruition during ‘24,” said Hill. “I’ve been very pleased with every meeting I’ve been in.”

There has been little movement with the digital asset-focused bills since the U.S. Congress resumed in 2024. The House Financial Services Committee passed the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act in July 2023, paving the way for the bills to go to the House floor for a full vote.

According to Representative Hill, a “well-regulated, well-considered” payment stablecoin could be good for the U.S. dollar and international trade. However, he said he wasn’t necessarily supportive of an unregulated central bank digital currency (CBDC) issued by a foreign government, adding that the United States could take action to “preserve the importance of the dollar” with a dollar-based stablecoin.

Leadership at the digital assets subcommittee, the House Financial Services Committee, and the U.S. House of Representatives could change hands in 2025. All 435 seats will be up for grabs between the Democratic and Republican parties in the 2024 elections. Representative Patrick McHenry, who chairs the House Financial Services Committee, announced in December 2023 that he did not plan to seek reelection.

Residents of the United States could see an increase in campaign rhetoric as the election season intensifies in 2024. The likely Republican Party candidate for U.S. president, Donald Trump, said he planned to “never allow” a CBDC in the country if reelected. Trump is currently facing 91 felony charges partly related to his role in allegedly attempting to overturn the results of the 2020 election.

Players can challenge each other for prizes on this Web3 gaming platform

This Web3 gaming platform utilizes AI to provide a personalized experience for players while encouraging user-generated content.

Once seen as a kids-only entertainment, the impressive growth of video games has turned it into a $187 billion dollar industry as of 2023. Video games have become so popular that gaming has its own subsectors, including eSports, mobile gaming and console gaming, each with multibillion-dollar markets. Mobile gaming alone is expected to generate almost $90 billion in revenue in 2023.

The video game industry is also a major gateway for new technologies to access the mainstream. Gamers are known for their understanding of new technologies, so any emerging technology -from artificial intelligence (AI) to blockchain and Web3- sees the gaming world as an important stepping stone into broader acceptance.

The potential of using AI in gaming is widely acknowledged as well. For example, tech giant Microsoft wants to utilize AI to enhance in-game dialogues for upcoming Xbox games.

The Web3 ecosystem is also working hard to come up with new platforms where players are in control and can monetize their interactions with games and other players. One such project is Gamer Arena, a competitive gaming platform where gamers get rewarded for gaming skills, efforts and loyalties.

How “Challenge-and-Earn” works

Players can engage in competitive battles across a range of digital games, earning rewards and showcasing their skills through the “Challenge-and-Earn” model, the driving force behind the GAU token, the native cryptocurrency of the Gamer Arena platform. Launched in March 2020, the platform offers duels and tournaments in over 30 games played on mobile devices, computers and consoles.

The platform supports popular games, including Clash Royale and FIFA 23. Source: Gamer Arena

Gamers can enter duels or tournaments with an entrance fee paid in GAU to generate a prize pool. The winner of the event takes the prize home. By enabling a reward mechanism directly between players, this model is aimed to democratize competitive gaming —a space traditionally reserved for professional gamers.

Gamer Arena has recently released its AI-powered mobile gaming app called “GAU Arena”, which offers instant participation in “Challenge-and-Earn” events through a variety of Web3 games. The app uses AI to offer personalized experiences for users. This way, players can customize their gaming interface with the help of AI.

The platform has recently created its AI-powered gaming platform, with the alpha version successfully completed. Beta access is expected to open to the public as early as the end of January 2024. The new AI utility being introduced in GAU will provide personalized experiences for users. Players will be able to customize their gaming experience and create in-game assets using AI.

Players can jump into a duel from the GAU Arena mobile app. Rewards are instantly distributed after the duel concludes. Source: Gamer Arena

The new platform helps gamers connect and compete with friends and other players, adding a social layer to the Web3 gaming experience. Players can also link their accounts from other gaming platforms, resulting in a unified gaming experience.

Web2 expertise meets Web3 innovation

For over three years, the team behind Gamer Arena has been involved in strategic partnerships with key names from both the Web2 and Web3 worlds. Along with collaborating with mobile industry pioneers, such as Moonton, it is also working with Web3 heavyweights like The Sandbox and digital asset storage provider Venly Wallet. With the launch of gaulaxy labs, the team aims to offer a complete Web3 gaming ecosystem for players and token investors.

“Crypto and gaming thrive in harmony when crafted seamlessly for user-centric experiences,” said Kerem Buker, the founder of gaulaxy labs. “We understand the importance of this synergy,” Buker added.

“At Gamer Arena, the team is committed to creating a frictionless environment where gaming and crypto come together effortlessly to shape the future of interactive entertainment.”

As the gaming industry continues to expand with innovation, Web3 and AI will be indispensable components of the overall experience. Aside from using AI to encourage user-generated content, Gamer Arena’s roadmap includes new features for its newly launched mobile app, the expansion of its game portfolio and the addition of further social layers. With platforms like Gamer Arena, gaming and AI will accelerate their convergence in 2024.