As non-fungible token (NFT) technology matures, the U.S. government should strengthen its policies for NFTs by clarifying agencies’ authority over digital assets, strengthening regulators’ enforcement capabilities, simplifying tax compliance for NFT transactions below a certain threshold, and creating an online hub for the government’s digital asset policies.

New Report Proposes Four NFT Policy Steps to Protect Consumers and Encourage Continued Innovation

Daniel Castro appeared on Federal Dive with Tom Temin to discuss how best to regulate NFTs.

Podcast: It’s Time to Fix Fungible Policy for Non-Fungible Digital Assets, With Daniel Castro

Non-fungible digital asset. It’s a term few people even heard of five years ago. Now it’s the cause of an effort to figure out the best regulatory policy for these blockchain doodads. Like, which agency should actually take the lede here? To learn more, Federal Drive with Tom Temin spoke with ITIF VP Daniel Castro.

It’s Time to Fix Fungible Policy for Non-Fungible Digital Assets

It's Time to Fix Fungible Policy for Non-Fungible Digital Assets

Congress should pass legislation to create a national privacy framework that streamlines regulation, preempts state laws, establishes basic consumer data rights, and minimizes the impact on innovation.

To Do: Create a National Privacy Framework

ITIF proposes comments for the New York Department of Financial Services on the BitLicense Framework.

Comments to the New York State Department of Financial Services on the Proposed BitLicense Framework

Congress should allocate funds for the departments of State and Commerce to educate developing nations on digital regulation and its repercussions.

To Do: Educate Developing Nations on Digital Regulation

Congress has opportunity to modernize FTC to better protect consumers & enable innovation.

Congress Should Modernize FTC to Enable Robust Innovation While Better Protecting Consumers, ITIF Testifies Before House Energy and Commerce Subcommittee

Congress should establish a bipartisan U.S. Digital Single Market Commission to draft legislation to foster a single digital market in the United States.

To Do: Foster a Digital Single Market in the United States

Section 230 has come under the regulatory microscope as Congress evaluates the impact of harmful online activity like disinformation and the role of online platforms in preventing and addressing this activity. Section 230 continues to be instrumental in enabling innovative online business models that rely on user-generated content and providing companies the liability protection necessary to allow them to moderate user content.

To Do: Clarify Regulatory Responsibilities for NFTs

Recommendation

Details

Editors’ Recommendations

NFTs: US Policies and Priorities in 2023

Related

New Report Proposes Four NFT Policy Steps to Protect Consumers and Encourage Continued Innovation

Podcast: It’s Time to Fix Fungible Policy for Non-Fungible Digital Assets, With Daniel Castro

It’s Time to Fix Fungible Policy for Non-Fungible Digital Assets