The US government is studying the impact of NFTs on intellectual property

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After the NFT explosion last year US Patent and Trademark Office and US Copyright Office launch collaborative study of the impact of digital assets on intellectual property rights.

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The study comes about a month after Vermont Senator Patrick Leahy, Democrat, and North Carolina Senator Tom Tillis, Republican, wrote to the offices asking them to explore NFTs given their exponential growth in a short period of time.

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Tillis actively tried to revise [Digital Millennium Copyright Act] for quite some time,” Gordon Allott, president and CEO of Digital Asset Regulation Technology and Virtual Currency at BroadPeak Partners, told TechCrunch. “Everyone is familiar enough with the phrase “I got the DMCA”.

The senators’ letter sparked interest from agencies: “As requested, we are writing to acknowledge receipt of your letter and to let you know that we will indeed conduct a study,” the agency said. wrote. “The USPTO and USCO have tentatively discussed next steps and how best to consult with stakeholders on this topic.”

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According to Allott, this is the first step towards placing the NFT on the agenda of Congress for the next term. “Copyright infringement rates have gone up with the NFT. Someone can steal your copyrights, sell them as NFTs, and then disappear. You can DMCA until the cows come home, but you won’t get your money.”


Credit: techcrunch.com /

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