The two lawmakers aim to include the New Frontiers in Technology (NFT) Act.
They are working to add it to a revamped version of the Financial Innovation and Technology for the 21st Century Act. The revised crypto bill is known as FIT21.
Timmons Pushes for NFT Protections in Revamped FIT21 Bill
Rep. Timmons said that his goal is to ensure NFTs receive proper legal recognition. “We need to protect innovation while providing guardrails,” he explained. FIT21, which passed the House of Representatives last year, is getting a facelift before being reintroduced. If successful, it would outline specific responsibilities for regulators. For example, the CFTC and the SEC. The bill would also bring much-needed clarity to how digital assets are governed.
However, the clock is ticking. Since FIT21 was passed during the last Congress, lawmakers need to vote on it again. Senate Banking Committee Chairman Tim Scott (R-SC) emphasized that crypto regulation is a top priority. Pledging that bills addressing market structure and stablecoins will hit the Senate floor within the first 100 days of Donald Trump’s presidency.
🚨BREAKING: 🇺🇸Congressmen William Timmons Ritchie Torres push for the NFT Act to be included in an altered version of the FIT21
Source: DecryptMedia pic.twitter.com/bozNzI9Xl8
— CryptosRus (@CryptosR_Us) February 6, 2025
NFTs Seek Legal Protection as Congress Revisits Crypto Bill
So, what’s the big deal about NFTs? These digital collectibles are more than just trendy online images. They represent a growing piece of the digital economy. By including the NFT Act in FIT21, they hope to ensure these assets are given legal protections. This will encourage innovation without stifling creativity.
As Congress revisits crypto regulation, it’s clear the stakes are high. Lawmakers are striving to strike the right balance between encouraging growth in the digital economy and ensuring investors aren’t left out in the cold.
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