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, the SEC (U.S. Securities and Exchange Commission)’s recent enforcement actions have raised growing concerns, including issuing a Wells notice to NFT marketplace Open Sea.

In a statement released on September 10, the U.S. Chamber of Digital Commerce argued that 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 typically purchased for personal use rather than investment purposes, and that occasional resale for profit does not transform them into securities.

“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 Chamber of Digital Commerce also emphasized that, like traditional collectibles or artworks, the secondary market characteristics of NFTs do not inherently make them a financial product.

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

Recent lawsuits against companies such as 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 fueled concerns.

The Chamber of Digital Commerce said: “SEC Chairman Gary Gensler’s coercive regulatory approach is inappropriate and has endangered countless people who rely on NFTs to make a living.”

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 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.

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