Deep down inside, you do know that your Web-3 assets, especially your NFT game assets are securities, right? In the United States, the SEC uses the Howey Test, derived from the Supreme Court’s decision in SEC v. Howey (1946) to determine what a security is. A lot of people got the wrong idea when the Ripple decision came out and it was determined to not to be a security – just like Bitcoin. That’s the thing - Ripple is just a coin – it’s not an investment contract per se. As per the Howey Test, a security exists when (1) money is invested (2) it’s part of a common enterprise (3) an expectation of profit is associated with the enterprise (4) profit will be derived from the efforts of others. When you buy an NFT in a P2E game or even a staking project, you’re inherently dependent on the efforts of others to make profit after you’ve made an investment. I don’t consider the NFT games I play to be investments but, from a legal point of view, you’d have to be deluded to think the SEC won’t. While it’s an American regulatory agency, and the USA is not even close to being the world’s largest adopter of NFTs, SEC regulation have global influence. The SEC’s recent filing against Impact Theory is proof in the pudding, and most analysts believe it will set precedent for the NFT space. Don’t despair. Just plan accordingly and build better. Wen SEC is the question but that doesn’t mean Web-3 gaming is going to die; it just means it’s going to change. Prepare yourselves. After the bear, winter is coming. It’s going to be fucking cold but, if you do it right, you might make some money.