Autor: dot-traders

• UK Gambling Commission charges Sorare for providing unlicensed gambling services.
• The United Kingdom’s Gambling Commission has been investigating Sorare for three years.
• Sorare denies wrongdoing, asserting it is not a gambling platform under UK law.

The United Kingdom’s Gambling Commission has taken legal action against Sorare, a blockchain-based fantasy sports platform, accusing the company of operating unlicensed gambling facilities.

Sorare, headquartered in France, offers non-fungible tokens (NFTs) tied to fantasy sports teams and athlete collectibles. Following the Gambling Commission’s move, the platform is set to appear in a UK court on October 4.

The Gambling Commission opened its investigation into Sorare in October 2021 but has largely kept its findings under wraps.

As of July 2023, the Commission had not made its conclusions public, instead stating that it would engage in further dialogue with operators and third parties before reaching a final verdict.

The upcoming court battle represents the culmination of nearly three years of regulatory scrutiny.

What is Sorare?

Sorare, founded in 2018, allows users to collect and trade digital cards in the form of NFTs. These cards represent real-life athletes, and users can create fantasy teams to compete based on the players’ real-world performances.

The platform covers multiple sports, including football, basketball, and baseball. Player performance in actual games directly impacts the fantasy teams, making the platform interactive for users.

Sorare’s NFT cards can be traded or sold, sometimes reaching values in the hundreds of thousands of dollars.

Sorare denies any wrongdoing

In response to the charges, Sorare has firmly denied any wrongdoing.

In a public statement issued by the company’s spokesperson, Sorare has argued that it is not a gambling platform under UK law and criticized the Gambling Commission for misinterpreting its business model.

As quoted by The Guardian, the spokesperson said, “We firmly deny any claims that Sorare is a gambling product under UK laws. The Commission has misunderstood our business and wrongly determined that gambling laws apply to Sorar.”

Sorare has faced legal challenges before, including a similar case in France. In that instance, the company reached a settlement before the matter could proceed to court.

Initially, Sorare only accepted cryptocurrency payments for transactions on its platform. However, in 2023, the company expanded its payment options to include traditional fiat currencies in an effort to increase user adoption.

The outcome of the UK case could have significant implications for Sorare and the broader NFT gaming industry, which continues to blur the lines between collectibles, gaming, and gambling.

The post Sorare charged for unlicensed gambling services in the UK appeared first on CoinJournal.

• Jupiter community voting on the fate of 215M unclaimed JUP tokens is now live.
• Options include funding staking rewards, burning tokens, or multisig return.
• Decision part of J4J initiative for transparency and alignment among JUP holders.

Jupiter, a decentralized exchange aggregator on Solana, has opened a community vote to decide the fate of 215 million unclaimed JUP tokens.

These tokens, initially part of the platform’s “Jupuary” airdrop and staking rewards, were either unclaimed or from compromised wallets.

J4J initiative proposals

The vote, opened on September 27, follows a proposal put forward by the Jupiter team, led by developer Weremeow, as part of the J4J initiative which is aimed at promoting certainty, alignment, and transparency among JUP holders.

This proposal is the second in the J4J initiative. The first J4J proposal which was approved after a vote at the beginning of August, trimmed away any fat in the initial tokenomics and helped everyone in the J.U.P to understand the token breakdowns, thereby setting the stage for two more votes.

The current proposal whose voting has been opened now seeks to evolves the issue of how to use the excess tokens from last Jupuary. According to the proposal, Jupiter token holders will be voting to user use the tokens to fund the Active Staking Rewards (ASR) program for another year, or burn the tokens, or return them to a community-managed multisig wallet.

Extending the Jupiter ASR program

This option would see the tokens used to extend the ASR program, which rewards holders for participating in Jupiter’s governance. This would incentivize active participation in the decentralized autonomous organization (DAO) and community voting processes.

The ASR was initially funded with 100 million JUP, 50% of which went to voters in the first three months.

If approved, the 215 million tokens would further boost rewards for the coming year.

Burning the JUP tokens

Alternatively, the community could opt to burn the tokens, reducing the circulating supply by around 13%.

This move could potentially increase the value of the remaining JUP tokens by making them scarcer.

Putting the tokens back into a multisig wallet

Lastly, returning the tokens to a multisig wallet would allow the community to decide on future uses for the unclaimed assets.

Voting is now live and can be accessed at vote.jup.ag. As part of the ongoing J4J initiative, this vote aims at involving Jupiter’s community in key governance decisions while fostering transparency and alignment among stakeholders.

The post Jupiter opens community vote on fate of 215M unclaimed JUP tokens appeared first on CoinJournal.