Gemix 2

What is Gemix 2?

The government of Laos, one of the world’s few remaining one-party communist states, is still chasing more than $5 million from the American businessmen behind a casino venture that descended into a bitter legal battle more than a decade ago.

A US appeals court last week gave Laos another chance to pursue casino entrepreneur John K. Baldwin and his company, Bridge Capital, for the money.

The ruling is the latest twist in a dispute dating to 2012 that has involved allegations of government interference, a failed settlement, and three international arbitration awards.

About Gemix 2

“At the end of the day, this is not about revenue. This is about channelization,” Nally added. “How much of that black market can we channelize into the legal, regulated market?”

According to Nally, approximately 70% of online gambling in Alberta occurred through unregulated operators prior to the July 13 launch, with the remaining 30% flowing through Play Alberta, the province’s sole legal platform at the time.

As of Sept. 17, 31 licensed iGaming operators are officially live and accepting wagers across the province.

About Gemix 2

The move came shortly after the Senate declined to advance the Digital Asset Market CLARITY Act. The procedural vote on September 15 rejected it with 49-50, not meeting the 60 votes required to move forward. 

The CFTC’s move gives the agency a chance to pursue parts of a crypto market framework under its existing authority, rather than waiting for Congress to resolve the broader legislative debate. 

CFTC Chairman Michael Selig signaled that possibility back in August. The agency was considering how its existing powers could be used to create a dedicated market structure for digital assets that are standard, he said.