Two U.S. congressmen, Rep. William Timmons and Rep. Ritchie Torres, are advocating for legal protections for non-fungible tokens (NFTs) in a bill called the NFT Act, which aims to establish clear rules for the regulation of digital assets. The proposed law would delineate the responsibilities of the Commodity Futures Trading Commission and the Securities and Exchange Commission. The congressmen are seeking to include the NFT Act in an altered version of the FIT21 bill, which has yet to gain Senate approval. This move comes after NFTs have come under scrutiny from the SEC, with former SEC Chair Gary Gensler leading enforcement actions against NFT issuers. The NFT Act would designate certain NFTs as non-securities and cover consumer areas such as art, video game assets, and memberships. The proposed legislation has received support from actors Mila Kunis and Ashton Kutcher, as well as the Digital Chamber, a crypto advocacy group.



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