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Highlights
- The Digital Chamber called on lawmakers to protect NFTs.
- The group urged lawmakers to classify NFTs as consumer products.
- This comes after the SEC issued a Wells Notice to NFT trading platform OpenSea.
The Digital Chamber has called on the United States Congress to pass laws to protect non-fungible tokens (NFTs) from the overreaching Securities and Exchange Commission (SEC). The group wants lawmakers to classify NFTs as consumer products rather than securities. The SEC and other regulators have taken a tighter stance on the crypto market citing the need to protect investors.
Digital Chamber Backs NFT Laws
Crypto advocacy group, The Digital Chamber has called on United States lawmakers to pass laws to protect NFTs. In a recent statement, the association wrote that digital collectibles should be treated as consumer products making the sector exempt from federal securities laws.
The @SECGov’s overreach is putting the livelihoods of NFT creators and communities at risk. NFTs are primarily consumer goods—not securities. We need Congress to take action now and protect innovation, creators, and consumer rights. https://t.co/dp1fb2R3cf
— The Digital Chamber (@DigitalChamber) September 10, 2024
This would place NFTs out of the reach of the SEC which continued to double down on its hostile approach to the market. According to the release, the laws should define NFTs for consumer use rather than financial products like securities.
“Congress must act now to ensure that this burgeoning industry remains within the US, for the benefit of the US economy, and not move overseas to more favorable regulatory environments. The Digital Chamber strongly encourages Congress to clarify that Consumptive-Use NFTs are consumer goods and not financial products.”
This comes after the SEC issued a Wells Notice on NFT trading platform OpenSea. Crypto users and market commentators lashed out at the Commission terming it a move that could hinder market innovation. The securities regulator has issued Wells Notices on several crypto firms this year.
Users Anticipate Clear Rules
Digital asset users await clear rules to guide market policies against the present enforcement approach. The lack of rule masking in the United States has led to the migration of talent and a proliferation of lawsuits by the SEC. Recently, Coinbase stock plummeted as the court sided with the SEC on the confidentiality of a document.
The upcoming United States elections are another positive on crypto regulation as the sector becomes a mainstream issue. In addition to this, some crypto bills made progress in Congress ahead of the polls.
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