Blockchain advocacy group The Digital Chamber has urged US crypto users to endorse the New Frontiers in Technology Act (NFT Act). This legislation seeks to designate certain NFTs as consumer products, exempting them from federal securities rules.
Representative William Timmons sponsored the NFT Act, which addresses the legal status of NFTs. The legislation protects "covered NFTs," which include artwork, music, literary works, and other intellectual property. It also addresses collectibles, goods, virtual land, and video game assets.
The Act does not apply to NFTs offered as investment products. It also requires the US Comptroller General to study NFTs following passage.
The Digital Chamber underlines the relevance of this law to the industry's growth. They ask Americans to contact their lawmakers and show their support. This approach coincides with the SEC's recent crackdown on NFTs. The government sent OpenSea a Wells notice, signaling possible enforcement measures against the NFT marketplace.
The NFT Act might have a big influence on the cryptocurrency ecosystem. It seeks to balance innovation and consumer protection, perhaps fostering a more favorable climate for blockchain technology in the United States.
