US regulators have launched an investigation into whether an online gaming giant should be required to provide cashback for buying games, the Wall Street Journal reported.
Read more at time:9/20/2017″At some point, they’re going to need to change their practices and pay for the cost of running these services,” said Michael D’Antonio, a former assistant secretary of commerce who was appointed by President Donald Trump in May to oversee online gaming regulations.
“The issue of this kind of behavior is going to be a long one and we’re going try to address it and get this right.”
The DOJ, the Federal Trade Commission and the Office of Consumer Financial Protection are all investigating whether an exchange-traded fund company like Gamestop, which provides a cashback option to people who buy and sell games on its website, should be regulated as a retail retail store.
The regulator also is looking into whether the company is required to make sure people who get cashback are paying it back for what they bought, a practice known as “cash back.”
Gamestop spokeswoman Kristina Pemberton said in an email that the company has not been fined and the company “has a long history of working with regulators.”
Gamers and retailers have long argued that online gaming is an important form of commerce that brings people together to play games.
But the industry’s push for greater regulation of online gaming has raised concerns among some consumers, including millennials, who are not yet accustomed to buying and selling products on a website.
Read the full story at time : 9/20.