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George Weiksner and his father Michael are creating an ethereum-based token that can be used across multiple gaming platforms.
The company's head of regulatory relations asked UK lawmakers for "more rules and clarity" in an interview with The Telegraph.
The third largest cryptocurrency was down 7% Thursday morning.
The cryptocurrency still has a long way to go to catch its all-time high of $3.31 a coin.
Chris Larsen, who cofounded the red-hot cryptocurrency, owns 17% of the entire circulation
The cryptocurrency is flying past competing coins.
The cryptocurrency wants to decentralize banking ledgers worldwide.