U.S. Congressman pushes “critical” NFT protection measures in revised crypto bill
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According to Decrypt, two U.S. congressmen are pushing for the inclusion of legal protections for NFTs in a broad bill to create a more reasonable framework for digital asset regulation. Rep. William Timmons, Republican of South Carolina, said he was trying to incorporate the New Frontiers of Technology Act (NFT Act) into a revised version of the so-called Financial Innovation and Technology Act of the 21st Century (FIT21), which was in the House of Representatives last year Passed, but not approved by the Senate.
The NFT Act, introduced by Timmons and Rep. Ritchie Torres, Democratic New York, in December, will designate certain NFTs as non-securities, covering artworks, video game assets and memberships, as well as other consumption outlined in the bill text. the realm of the person. The bill will also direct the U.S. auditor general to study whether NFTs can be used as representatives for documents, identification, and even government records in a business environment.
Previously, under the leadership of former SEC chairman Gary Gensler, NFTs were largely in the legal gray area. And now, within the SEC, Republican members believe that many enforcement actions against NFT projects under Gensler's authorization are unreasonable.