⚡ Easily Trade – Apple, Microsoft, Tesla and Google Stocks – Open a FREE Account Here


US Government Gives Update on NFT Legislation

A new study by the US government has concluded that NFT legislation is adequate for now. This study was requested back in 2022 and was just completed and published.

The demand for Solana NFTs is increasing

Back in 2022, several Democratic senators requested the study be conducted due to issues of copyright infringement and concerns about intellectual property theft. According to the results of the study, the current copyright laws on the books are able to handle any infringement concerns sufficiently

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker >>
🥈Read ReviewFMA, FSAUSD 50Visit Broker >>
🥉Read ReviewFSCA, CySEC, DFSA, FSA, CMAUSD 0Visit Broker >>
4Read ReviewCySEC, MISA, FSCAUSD 5Visit Broker >>
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker >>
6Read ReviewFCA, FINMA, FSA, ASICUSD 0Visit Broker >>
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker >>
8Read ReviewCBCS, CySEC, FCA, FSA, FSC, FSCA, CMAUSD 10Visit Broker >>
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker >>
10Read ReviewIFSC, FSCA, ASIC, CySECUSD 1Visit Broker >>

The study is 122 pages long and was conducted by the United States Patent and Trademark Office. The study was conducted using multiple roundtables that included interested stakeholders. From the study, it was concluded that the majority of the stakeholders were satisfied with the current laws for copyright infringement and the ability to deal with any issues related to NFTs.

They dealt with issues about infringement of trademarks and trademark misappropriation that are a common aspect of NFT markets. According to a statement from the issuing office, the conclusion is that no changes need to be made to intellectual property laws to incorporate language specifically targeted to NFTS. The study found that the current laws would be able to handle those kinds of issues and already included language that was broad enough to deal with NFT-related trademark problems.

Too Soon for New Laws

The government’s stance then on NFT legislation is that there is absolutely no need for illegal property laws to be updated or for recordation and registration practices to change. Any legislation targeted specifically at NFTs, they say, would be too soon at this juncture. The worry with adding legislation for NFTs right now is that it could hinder the development of new technology that stems from NFT markets.

There are concerns within the industry that some bad actors will take existing trademarks they do not own and misappropriate them and that some trademarks will be offered in NFT form in order to collect and exploit private information from customers.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
Related Articles