Should NFTs be defined as consumer goods?

source:cryptoslate

Compile:Blockchainknight

The United States Digital Commerce Association (TDC) is calling on Congress to pass legislation that would define certain non-fungible tokens (NFTs) as consumer products, exempting them from federal securities laws.

Previously,There are growing concerns over recent SEC enforcement actions, including a Wells notice to NFT marketplace Open Sea..

In a statement released on September 10, the U.S. Chamber of Digital Commerce said:NFTs created for consumable use, such as digital artworks, collectibles, and video game assets, should not be classified as financial products.

Instead, the Chamber of Digital Commerce argues that these tokens should be treated like traditional consumer goods.

The organization stressed that NFTs are usually purchased for personal use rather than investment purposes.Xiaobai NavigationOccasional resale for a profit does not convert it into a security.

“TDC’s Pixels to Policy 2023 report found that many NFT applications were clearly not designed as investment contracts or speculative financial instruments,” the statement said.

The U.S. Digital Chamber also emphasized thatLike traditional collectibles or artworks, the secondary market characteristics of NFTs do not inherently make them financial products..

The Chamber of Digital Commerce’s call comes amid a series of actions by the SEC against NFT platforms.

Recent lawsuits against companies like Draft Kings and Dapper Labs have alarmed the digital asset industry, raising concerns that excessive regulation could stifle innovation.

The SEC’s recent enforcement action against Open Sea, one of the largest NFT marketplaces, further heightened concerns.

The U.S. Chamber of Digital Commerce said:SEC Chairman Gary Gensler’s approach to mandatory regulation is inappropriate and has endangered countless people who rely on NFTs for their livelihoods.

The U.S. Chamber of Digital Commerce has warned that the current lack of clear legislation is pushing NFT creators and companies overseas, where regulation may be more favorable.

The U.S. Chamber of Digital Commerce is currently urging the U.S. Congress to clarify that consumable NFTs should not fall under the jurisdiction of the SEC..

At the same time, the group also issued a warning that continued uncertainty could hurt the industry and the broader U.S. economy.

The article comes from the Internet:Should NFTs be defined as consumer goods?

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