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Samuel Klein is a graduate of the American University Washington College of Law, where he was a member of the American University Law Review.

On April 4, 2024, the Consumer Financial Protection Bureau (CFPB) issued a new report, titled “Banking in Video Games and Virtual Worlds” (Report), that examines the growth of financial transactions in online video games and virtual worlds. The CFPB has previously signaled the expansion of its monitoring capabilities to new markets, and this Report continues that expansion to the gaming industry. 

According to the Report, the CFPB is monitoring non-traditional markets where financial products and services may be offered, including the use of virtual currencies in games and virtual worlds in response to “concerning issues regarding gaming markets,” such as financial losses (due to theft, scams, and other criminal activity), fraud and money laundering, and the collection and use of consumer data by gaming companies. The Report also notes that there may be increased risks to consumers, specifically children, within the gaming industry. Gaming companies can use the insights from the Report to review their own policies and procedures to ensure compliance with federal consumer financial protection laws.

This update summarizes the Report’s key findings, describes the risks and trends identified by the CFPB, which are likely to inform the CFPB’s market monitoring activities, and provides key takeaways for companies doing business in this space to consider going forward.Continue Reading CFPB Issues New Report Examining Financial and Privacy Risks to Consumers in Video Gaming Marketplaces: What Now?

Perkins Coie presented at Digital Hollywood’s “AI Bill of Rights, Ethics & the Law” Summit, a one-day virtual conference that seeks to advance the conversation around the establishment of a national regulatory policy for artificial intelligence (AI). The October 19 event highlighted the tension between efforts to unleash a once-in-a-generation burst of innovation, while simultaneously safeguarding against the dangers and risk inherent in complex and still developing technologies.

Over the course of the summit, panelists discussed a wide range of topics, including government regulation versus industry self-regulation, generative AI and intellectual property (IP) rights, human interaction with AI, and balancing the benefits and risks of deepfakes, among others.

Marc Martin moderated the panel “US and EU Regulation of AI: What To Expect and How To Prepare.” The panelists included Cass Matthews from Microsoft’s Office of Responsible AI and Benoit Barre, a partner at Le16 Law in Paris.Continue Reading Notes From the Field: AI Virtual Summit: New AI Regulation in the EU and US: What To Expect and How To Prepare