Since October 28, Facebook changed its name to “meta”, indicating that it will move towards the prospect of meta universe, the theme has received unprecedented attention from the market. Considering the possible far-reaching impact of “metauniverse” on the field of science and technology, since May last year, we have published 8 in-depth reports from the perspectives of computing power, graphic modeling, games, NFT, Dao governance, virtual human, Web3 and so on. However, the impact of the meta universe may be more than that, and regulatory innovation is also the direction. We believe that people are expected to have a sense of immersion in the surreal world from the meta universe through digital avatars, and feed back the wealth obtained in the meta universe to their own real world through the economic system between the meta universe and the real world (roblox is the case). This article focuses on the regulatory attitude and pilot scheme of the United States towards the meta universe.
Network and data: “ensure that the Web3 revolution takes place in the United States”. If the key feature of web1 is “read-only”, web2 is “editable”, and Web3 is “owned”, we believe that Web3 can make users more unobstructed and free migration in the metauniverse. At a congressional hearing on December 8, 2021, Republican representative Patrick McHenry asked, “how can we ensure that the Web3 revolution takes place in the United States?” Although the United States has not yet introduced targeted regulatory measures, the congressman’s view represents the United States’ attitude towards encryption assets such as Web3 and meta universe innovation to some extent: within the regulatory boundary, we should not miss any revolutionary innovation.
Governance: Dao can be registered as a limited liability company, but the issuance of currency still needs to be registered with the CSRC. As early as 2017, the US Securities Regulatory Commission published an investigation report on the Dao organization, which proposed that if the encrypted assets issued by the Dao meet the “howay test”, they should also be registered with the Securities Regulatory Commission before they can be financed by the public. The Wyoming Dao act, which took effect in July 2021, makes it clear that Dao is a limited liability company, and smart contract is its core, which is higher than the articles of association.
Economic system: stabilizing currency and exchange are the key points of supervision, followed by project tokens, NFT and defi. Unlike the public’s perception that “encrypted assets are not regulated”, according to the statistics of elliptic, a blockchain compliance consulting company, as of June 21, 2019, the division of labor of U.S. regulators has been clear, and a fine of $2.5 billion has been imposed on institutions and individuals for violations of encrypted assets. Crypto is also not an extrajudicial place. We believe that since the stable currency and exchange are the bridge between the encrypted asset world and the real world and have attracted more attention from regulators, the settlement between tether, the largest stable currency usdt issuer, and the New York State and Commodity Futures Trading Commission (CFTC) reveals the boundary of U.S. regulation, that is, fraud and misrepresentation are not allowed.
At present, the United States has an open attitude towards the regulation of yuancosmos in the long run and a clear boundary for short-term law enforcement, which is conducive to the development of yuancosmos industrial chain.
Investment suggestion: 2022 is expected to be the year of accelerating the popularity of metauniverse in the world, and giant turning, new star birth and regulatory innovation are expected to appear simultaneously. Suggestions: 1) basic technology platforms: meta, NVIDIA, roblox, unity, Microsoft; 2) Content, game and IP service providers: Tencent, Netease, Visual China Group Co.Ltd(000681) , Inmyshow Digital Technology (Group) Co.Ltd(600556) , Hengxin Shambala Culture Co.Ltd(300081) ; 3) VR / AR equipment manufacturers: Goertek Inc(002241) , Eoptolink Technology Inc.Ltd(300502) , Guoguang Electric Company Limited(002045) , etc.
Risk tip: the implementation of meta cosmic technology is blocked; Stricter supervision.
