Legislative efforts in Virginia to revive ONE Casino + Resort in Richmond face a significant hurdle in the name of Virginia State Sen. Joe Morrissey who is adamant that he would do what it takes to block the initiative from being put on this year’s referendum.

Sen. Morrissey Threatens to Derail the Casino

The ONE Casino + Resort, a casino project dating back to 2021 when the state approved five cities, Richmond, Danville, Bristol, Norfolk and Portsmouth, to build casinos is the only one which failed to materialize to date.

The measure was rejected during the 2021 referendum after 51% of the voters decided against it in 2021, while in 2022, Sen. Morrissey introduced a state budget amendment to block the casino, saying that the casino should be built in Petersburg instead.  A casino measure in Petersburg also failed to pass.

Morrissey is threatening to block the project again and quash hopes after this week’s Richmond City Council vote that it would be back on the ballot this fall, determined to prevent Richmond from building a casino.

“I will do what I can to make sure there’s budget language that prohibits Richmond from getting a casino,” Morrissey commented for NBC12 Richmond, explaining how disappointed he feels that the city “keeps going back, trying to get a referendum.”

It reminds me of the movie Groundhog Day. We hear it over and over again.

Sen. Joe Morrissey

And while Morrissey is fighting to legally block the casino, he is not the only opposition to the project, joined by Allan-Charles Chipman from Initiatives of Change USA, who believes the issue about the casino “is really about how Richmond feels about respecting democratic processes or not,” also saying that the Richmond casino project is still the same.

Casino Project Still the Same

The $562.5 million ONE Casino + Resort project involves building a 250-room hotel, a 3,000-seat entertainment venue, and restaurants, as well as a casino and will be jointly operated by Churchill Downs Incorporated (CDI) and Urban One via their joint venture, RVA Entertainment Holdings.

The casino property is estimated to generate $29.7 million yearly. If the measure goes to the November vote and is approved by the voters, the agreement with Richmond City Council stipulates that the developer pays $25.5 million to the city.

City of Richmond Mayor Levar Stoney believes that the measure has the potential to pass the referendum this time, looking forward to the November vote filled with optimism.

“I feel really good,” Mayor Stoney commented. “I feel really optimistic about what November may hold,” he added.

If Morrissey’s attempts to block the measure fail, it would still have to be approved by both the Virginia Lottery and Richmond Circuit Court before it is put on the November ballot.

The post Virginia: Sen. Morrissey Will Block Richmond Casino Again appeared first on Keno Wizard.

The French National Assembly’s Economics Committee agreed to a new amendment curtailing influencers from advertising dangerous products. The proposed legislation received strong support and has a good chance of making it through the Assembly and Senate. If the amendment is passed into law, it will severely impact influencers promoting crypto assets.

Crypto Assets Will Be Equated to Gambling

Unregulated promotions of potentially harmful products like crypto assets have become a matter of contention among many European nations. France now plans to join countries like the UK and Belgium as it tightens down on crypto promotions. The movement received support from both sides of the political spectrum as a new amendment received the approval of a legislative committee this Wednesday.

Amendment n°CE48 aims to combat scams and restrict the advertising of pharmaceutical products, gambling, and crypto asset promotions on social media. The text treats digital assets identically to other speculative financial products. Lawmakers seek to limit the proliferation of advertisements posing risks to consumers, such as investments in various digital assets.

The text explicitly bans individuals from using social media to promote crypto assets not licensed by financial regulators. Currently, these are exactly zero. While changing regulations may open ways to circumvent the restrictions, the amendment would effectively ban French influencers from endorsing digital assets. With penalties of up to two years in prison and a €30,000 ($32,000) fine, few would risk the regulator’s ire.

Upcoming Regulatory Changes May Ease Restrictions

French lawmakers appear intent on dealing with the proliferation of scams on social networks and protecting consumers from risks. The proposed legislation coincides with a new wave of crypto promotion controversy as the US Securities and Exchange Commission (SEC) charged eight celebrities with illegal advertisements on social media.

Despite turbulent French politics, the amendment enjoys support from the ruling party and the opposition. Socialist Arthur Delaporte noted that the crypto industry had remained under the radar for most politicians and urged reforms. Strong support from lawmakers means that the proposed legislation has every chance to soon pass into law.

Not all is doom and gloom for crypto influencers, though. France plans to overhaul its crypto firm registration requirements, adhering to the EU’s upcoming Markets in Crypto-Assets regulations. Under the new guidelines, European companies can extend their services through the bloc, once again opening the doors for crypto ads.

The post French Lawmakers Seek to Block Crypto Promotions appeared first on Keno Wizard.