Crypto advocates urged Americans to help the industry flourish without "misapplied" securities regulations.
Blockchain advocacy group Digital Chamber urged United States-based crypto users to support a bill that designates non-fungible tokens according to their use cases.
On Sept. 10, the advocacy organization called the US Congress to define some NFTs as consumer products, which would exempt the NFTs from federal securities laws. The organization argued that many NFTs function similarly to artwork and traditional collectibles and should be treated as consumer goods rather than securities.
In response to the call, US Representative William Timmons introduced the New Frontiers in Technology Act (NFT Act), which aims to address NFTs’ legal and regulatory treatment.
