Are there parallels to online betting, another market that is expected to expand in the future?
You have your new CCO. What other key elements do you envision for the Legal and Compliance Departments?
Online betting is going to be huge. It’s pretty much brand new; I mean two, three years ago, it never even existed as a legalized function in most states. Now it’s legal in many states. How online betting works, and the protocols associated with it have to be described to regulators. The same goes for crypto kiosks. How many ATMs are out there where you can buy Bitcoin? Not very many. We’re having to describe how it works and the controls we have in place. Fortunately, we have excellent partners in Coinstar and MoneyGram. They’re equally up to the task of making sure this is handled in a consumer-friendly way. So much like online gaming, we’re doing a bit of education for the regulators.
It’s going to depend on what we’re doing as far as productization going forward. Right now, we’re strictly cash-to-crypto. But as we go to full digital buying and selling of assets, that’s going to involve a whole new playbook for both Legal and Compliance. Brian and I are basically starting at the same time. We understand the product roadmaps going forward and we’re going to be advising on that. New products will need to be rolled out in a compliant and consumerfriendly way. I’m also working on - and we’ll need to get Brian quickly up to speed here - on our advertising and our Google ads and our T&Cs; making sure that they are crisp and clear and adhere to all FTC guidelines regarding how we communicate with our customers and potential consumers.
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