Digital Chamber Calls American Crypto Users to Support New NFT Bill
Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, Business2Community, and...
Following the introduction of a new NFT bill by U.S. Representative William Timmons, the Digital Chamber urged U.S. crypto users on September 16 to rally behind the legislation.
The blockchain advocacy group appealed to the public to support the bill, which seeks to classify non-fungible tokens (NFTs) based on their intended use cases, as regulatory scrutiny grows.
The Digital Chamber released a statement on September 16 commending Representative William Timmons for introducing the New Frontiers in Technology Act (NFT Act) and urging the public to rally behind the bill.
TDC supports the "New Frontiers in Technology (NFT) Act." This proposal is a crucial step in clarifying the regulatory landscape for NFTs and addressing the @SECGovs’s overreach. We commend @RepTimmons for his leadership in drafting this bill. https://t.co/fRPA8Q4P9K pic.twitter.com/t24QqrYXfp
This bill seeks to define and regulate NFTs by categorizing them based on their use, a move that many see as critical to providing legal clarity amid increasing scrutiny from U.S. regulators like the Securities and Exchange Commission (SEC).
The bill proposes that certain NFTs, such as those functioning as artwork, music, literature, or intellectual property, should be classified as collectibles and therefore exempt from federal securities laws.
This would reduce the legal burden on creators and buyers of digital collectibles.
However, the bill makes a clear distinction that NFTs marketed as investment vehicles would not be protected.
The NFT Act also calls for a study by the
Read more on cryptonews.com
