In this edition of This Week in Crypto, we bring you the latest updates on significant legislative developments, metaverse ventures, and the ever-expanding world of NFT gaming. U.S. lawmakers have introduced the Financial Innovation and Technology for the 21st Century Act, aiming to establish a robust regulatory framework for the digital assets industry. Meanwhile, McDonald’s Hong Kong has unveiled “McNuggets Land,” a vibrant metaverse game celebrating the 40th anniversary of their iconic Chicken McNuggets, while gaming giant Ubisoft continues to expand its presence in the NFT gaming space by joining forces with the Cronos network as a validator. Stay tuned for more exciting news and advancements in the crypto world!
Congress Unveils "Financial Innovation Act" to Provide Clarity in Digital Assets Space
U.S. lawmakers have introduced the Financial Innovation and Technology for the 21st Century Act, a 212-page bill aiming to establish a regulatory framework for the digital assets industry and resolve regulatory uncertainties. The bill outlines new definitions, digital asset exemptions, and procedures for digital asset intermediaries like cryptocurrency exchanges to register with both the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC). It introduces a pathway for blockchains to be certified as decentralized, allowing the SEC to verify decentralization claims made by token issuers. Digital asset issuers would need to comply with a new disclosure regime, revealing project details such as economics and source code. The bill considers “innovation” as a factor when the SEC issues new rules and clarifies that digital commodities like Bitcoin and payment stablecoins are not considered securities.
French Hill, one of the primary sponsors, hails the bill as “landmark legislation” to safeguard consumers and promote innovation in the United States. The SEC would have authority over the use of payment stablecoins on its registered platforms but without control over their design or operation. The bill seeks to bridge regulatory gaps between the SEC and CFTC, recognizing that existing securities laws do not fully accommodate the unique characteristics of digital assets.
Fast Food Giant McDonald's Launches Virtual McNuggets Land to Mark 40th Anniversary
McDonald’s Hong Kong recently launched “McNuggets Land,” an official virtual world in The Sandbox, an Ethereum-based metaverse game. The purpose of McNuggets Land is to celebrate the 40th anniversary of McDonald’s popular Chicken McNuggets menu item. It offers a vibrant game location featuring anthropomorphized nugget characters, decorations inspired by dipping sauces, and various quests that provide both real-world and blockchain-based rewards. Although the game was launched by McDonald’s Hong Kong, it is accessible to players worldwide and will be available in The Sandbox until August 28.
The rewards in McNuggets Land differ based on the player’s location. Hong Kong-based players can receive exclusive coupons for free food redeemable at local McDonald’s restaurants. On the other hand, players from anywhere can win NFT-based in-game items and SAND crypto tokens.
McDonald’s Hong Kong CEO Randy Lai expressed excitement about collaborating with The Sandbox, emphasizing McDonald’s commitment to delivering innovative experiences and happy moments for its customers. This is not the first instance of McDonald’s exploring the Web3 world. In the past, McDonald’s France released NFT artwork inspired by the Big Mac sandwich, while the main American division launched McRib-inspired NFTs.
The Sandbox is no stranger to partnering with major brands, having already collaborated with companies, celebrities, and IPs such as Adidas, Gucci, Snoop Dogg, The Walking Dead, Ubisoft, Warner Music Group, and more. The game is built around user-owned NFT land plots that can be customized and traded within the metaverse.
Ubisoft Joins Cronos Network as Validator, Expands Presence in NFT Gaming Space
Video game giant Ubisoft has partnered with the Cronos network as a validator to expand its presence in the NFT gaming space. Ubisoft, renowned for games like Assassin’s Creed and Just Dance, will operate a node on the open-source Cronos network, which is interoperable with Ethereum and Cosmos.
As part of this collaboration, Ubisoft will contribute to producing or confirming new blocks on the Cronos network alongside 27 other blockchain validators, including Crypto.com and Blockdaemon. This move aims to enhance the decentralization of the network.
Although specific details about the alliance and any financial arrangements between Ubisoft and Cronos have not been disclosed, Cronos Labs expressed excitement about working with Ubisoft to advance blockchain gaming and benefit from Ubisoft’s expertise through its Strategic Innovation Lab.
Ubisoft’s engagement with Cronos is part of its broader efforts to expand in the NFT gaming space. The company is currently developing Champions Tactics: Grimoria Chronicles on the Oasys blockchain network. In the past, Ubisoft integrated in-game NFT items on the Tezos blockchain for its Ghost Recon: Breakpoint PC game, becoming the first major publisher to do so, although it faced criticism from traditional gaming fans for its entry into the NFT world.
Over the years, Ubisoft has explored various blockchain initiatives, including a Minecraft-like prototype called HashCraft, NFT-based games like Sorare and The Sandbox, and support for blockchain ecosystems such as Tezos and Hedera through running validators. The company has also assisted several crypto and NFT startups through its Entrepreneurs Lab program.
