|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
The New Frontiers in Technology (NFT) Act: A Lifeline for the NFT Industry?
Sep 17, 2024 at 07:20 pm
The New Frontiers in Technology (NFT) Act, introduced by Congressman Timmons, might just be the lifeline the NFT industry needs right now. It's backed by the Digital Chamber, which sees it as a key moment for how non-fungible tokens are treated under US law. This Act could finally bring some clarity and help the industry move forward amid all the legal challenges it's facing.
The New Frontiers in Technology (NFT) Act, recently introduced by Congressman Timmons, aims to address the pressing legal challenges faced by the non-fungible token (NFT) industry in the United States. Backed by the Digital Chamber, the Act seeks to clarify the treatment of NFTs under US law, a crucial factor for creators, investors, and collectors alike.
The Digital Chamber has swiftly expressed its support for the NFT Act, highlighting its potential to ensure that NFTs are classified as consumer goods rather than financial products. This distinction is critical following the SEC's Wells notice to OpenSea, the largest NFT platform, last month. The NFT community is concerned that this notice could lead to the treatment of NFTs as securities, opening the door to stringent regulations and legal risks.
However, the NFT Act aims to protect digital art, collectibles, and tokenized real-world assets by defining them as consumer goods, providing them with the necessary legal protection. This approach aligns with the UK government's recent proposal to classify digital assets as personal property.
The NFT industry has encountered significant hurdles in the legal arena, with Dapper Labs and DraftKings facing administrative notices and a class-action lawsuit from the SEC over their NFT endeavors. Notably, however, not all members of the SEC agree with this approach. Two commissioners, Peirce and Uyeda, have argued that crypto collectibles should not be automatically classified as securities simply because they may be resold for a higher price. The NFT Act addresses this concern, aiming to ensure that creators and consumers are not subjected to unwarranted legal risks.
Furthermore, the Act requests a detailed study on NFTs by the Comptroller General to enhance understanding of this evolving market, which could inform future decisions.
SEC Chair Gary Gensler's strict stance on crypto and NFTs has drawn criticism from many in the industry, including Digital Chamber founder Perianne Boring, who argues that he has overstepped. She bluntly accuses Gensler of setting the entire industry back by a decade with his aggressive approach, a view shared by many in the digital asset world. Some even speculate that Gensler's role at the SEC might be coming to an end due to these tensions.
In a rare occurrence, all five SEC commissioners will testify before the House Financial Services Committee, an event that last occurred in 2019. This session is expected to generate discussions on pressing matters, including the ongoing debate over classifying cryptocurrencies as securities, a determination that could drastically alter the landscape of the crypto space.
As the NFT Act gains momentum and the Digital Chamber continues its fight against what it deems to be unfair regulations, the future of the NFT space could finally take a positive turn. This Act, if enacted, could pave the way for the industry to flourish without the constant threat of legal challenges, promising a stable future for the NFT ecosystem.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Marsh rues Zampa absence as Brook ton downs Australia
- Sep 25, 2024 at 12:20 pm
- England, chasing a tough-looking total of 7-304 headlined by another brilliant knock of 77no from Alex Carey, still ended up easing towards their target on 4-254
-
- Robbins Geller Rudman & Dowd LLP Announces that Purchasers or Acquirers of Coinbase Global, Inc. (NASDAQ: COIN) Publicly Traded Securities between April 14, 2021 and July 25, 2024 Have Until November 12, 2024 to Seek Appointm
- Sep 25, 2024 at 12:15 pm
- The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Coinbase Global, Inc. (NASDAQ: COIN) publicly traded securities between April 14, 2021 and July 25, 2024, both dates inclusive (the “Class Period”), have until November 12, 2024 to seek appointment as lead plaintiff of the Coinbase class action lawsuit. Captioned Castle v. Coinbase Global, Inc., No. 24-cv-04850 (E.D. Pa.), the Coinbase class action lawsuit charges Coinbase as well as certain of Coinbase’s top executives with violations of the Securities Exchange Act of 1934.
-
- Brett Favre diagnosed with Parkinson's disease, retired NFL quarterback tells Congress
- Sep 25, 2024 at 12:15 pm
- Brett Favre has been diagnosed with Parkinson's disease, the retired NFL quarterback himself said on Tuesday before a United States congressional committee
-
- AI Tokens Lead the Charge in the Crypto Week Ahead
- Sep 25, 2024 at 12:15 pm
- The crypto market experienced an uptrend in the past week, with Bitcoin's [BTC] price returning to the $60,000 level. This bullish momentum has led to significant surges in several altcoins, particularly in the artificial intelligence (AI) token sector.
-
- Shiba Inu (SHIB) May Be Gearing Up for a Significant Price Surge This October, With Historical Data Indicating a Potential 283% Increase
- Sep 25, 2024 at 12:15 pm
- Investors are watching closely as the meme-based cryptocurrency enters what could be another fruitful 'Uptober.'
-
- GoodEgg (GEGG) Presale: A Success Story in the Making
- Sep 25, 2024 at 12:05 pm
- GoodEgg (GEGG) has managed to capture investor interest with its promise of merging social interactions with blockchain technology.
-
- CET: The Native Token of the CoinEx Cryptocurrency Exchange
- Sep 25, 2024 at 10:30 am
- CET is the native token of one of the leading cryptocurrency exchanges, CoinEx. It is an ERC-20 token based on the Ethereum network that was launched in 2018.
-
- Dogecoin ($DOGE) Primed to Hit $1 By December This Year, Market Analyst Master Kenobi Predicts
- Sep 25, 2024 at 10:25 am
- The early aftermath of the current Federal Reserve (Fed) interest rate cuts has been constructive for the final crypto business as main property like Dogecoin have been displaying optimistic sentiment.
-
- IMX Token Price Prediction: Can It Break the $2 Resistance Level and Rally Higher?
- Sep 25, 2024 at 10:25 am
- Over the past 24 hours, IMX has jumped an impressive 12.14%, reaching a price of $1.81. This upswing has stirred speculation about whether the token can break through a key resistance level of $2.