The Digital Chamber of Commerce wants crypto users in the U.S. to support a new bill that aims to clarify non-fungible tokens (NFTs) ‘ legal status. They also ask lawmakers to protect the industry from “misapplied” securities laws.
The blockchain advocacy group, which is known for fighting for the rights of digital assets, wants people to back the New Frontiers in Technology Act (NFT Act), which U.S. Representative William Timmons put forward.
The bill aims to label some NFTs as consumer goods, not subject to federal securities rules. The group says that many NFTs shouldn’t be treated as stocks because they work like traditional art and collectibles.
The Digital Chamber said in its announcement that “the NFT Act provides essential protections for ‘covered NFTs.'” “These NFTs, which include works of art, musical compositions, literary works, and other intellectual property, should be classified as consumer goods.”
Digital Chamber Pushes NFT Act To Protect Digital Assets, Exclude Investments
The plan would also protect things like video game items, virtual land, and merchandise that are not physical. It would also include things like affinities, awards, licenses, and tickets. However, it would not include NFTs that are sold as investments with the chance of increasing in value.
To help people learn more about NFTs, the bill tells the U.S. Comptroller General to study the NFT space in depth after it is signed into law.
The Digital Chamber wants people in the U.S. to call their congressional representatives and support the bill, saying that it will help the country keep coming up with new technologies and protect consumers.
The group wrote, “By supporting this Act, you can make sure that blockchain technology finds a true home in the United States, free from unnecessary regulatory barriers.”As the SEC looks closely at NFTs, new laws are being passed.
The NFT Act is being pushed for at the same time that the U.S. Securities and Exchange Commission (SEC) is looking more closely at the NFT business.
The SEC recently, on August 28, sent an OpenSea Wells warning to the NFT marketplace, letting it know that it might be taking action against the platform. A diner called Flyfish Club was fined $750,000 by the SEC on September 17 for selling NFTs, which the agency saw as securities.
However, not everyone in the SEC agrees with these moves. Commissioners Hester Peirce and Mark Uyeda didn’t agree with the fine because they said the NFTs in question were just a new way to sell memberships and didn’t break any securities laws.
