Digital Chamber Calls on US Crypto Users to Back New NFT Legislation

Blockchain advocacy group, the Digital Chamber, has called on cryptocurrency users in the United States to support a bill that would categorize non-fungible tokens (NFTs) based on their use cases. The organization argues that many NFTs function similarly to artwork and collectibles and should be treated as consumer goods rather than securities. In response to this call, US Representative William Timmons has introduced the New Frontiers in Technology Act (NFT Act), which aims to address the legal and regulatory treatment of NFTs. The Digital Chamber is urging the community to support this act, as it protects “covered NFTs” – collectibles that serve as works of art, music, literature, or other intellectual property. The act also encourages education on NFTs, with a study to be conducted after its enactment. The Digital Chamber is urging Americans to contact their representatives in Congress to voice their support for the bill in order to foster technological innovation and consumer protection in the blockchain industry. This comes as the Securities and Exchange Commission (SEC) has recently taken action against the NFT space, including sending a Wells notice to NFT marketplace OpenSea and fining the restaurant Flyfish Club for selling NFTs.