Digital Chamber Supports NFT Act; House Republicans Demand SEC Clarity on Airdrops from Gary Gensler

Sep 17, 2024, 06:50 PM

The Digital Chamber of Commerce (TDC) has expressed strong support for the 'New Frontiers in Technology (NFT) Act,' a legislative proposal aimed at clarifying the regulatory landscape for NFTs and addressing perceived overreach by the Securities and Exchange Commission (SEC). The bill, drafted by Representative William Timmons, seeks to establish that most NFTs are not financial products and thus should not fall under the SEC's regulatory purview. This initiative comes in response to SEC Chair Gary Gensler's stringent regulatory actions, which many in the crypto community believe have stifled innovation and set back the industry by a decade. Concurrently, top House Republicans, including Patrick McHenry and Tom Emmer, have demanded answers from the SEC regarding its stance that crypto airdrops constitute securities transactions. They argue that such a position could have significant economic implications, including impacts on GDP and tax revenue. The future of the peer-to-peer digital economy cannot be left to the authoritarian whims of Gary Gensler, according to GOP lawmakers.