The U.S. says that current IP laws are sufficient for NFTs

The United States Copyright Office and Patent and Trademark Office, (USPTO), recently stated that it is not necessary to change the existing intellectual (IP) laws regarding NFTs. The latest decision is the result of nearly two years of back-and-forth debate on the issue.

In June 2022 a subcommittee for IP of the U.S. Senate Judiciary Committee demanded that the joint committee review the existing IP law and determine if a change is needed to accommodate NFT application. Before arriving at the conclusions it reached, Latest ConclusionBoth government offices “solicited public comments via a notice of inquiry, held three public roundtables, and examined existing literature and case law.”

The results of the public comments indicate that commenters think that artists can impose royalty fees on NFTs that they create. Subject matterOn which non-fungible dgens express varying views. Commentators also believe NFTs can benefit brands Grow their businessThe following are some examples of how to get started: “play a supportive role in the management, transfer, or licensing of IP rights.”These commenters admit that NFT traders are unaware of the IP laws that apply to the creation, marketing and transfer of NFTs. The joint committee acknowledged all comments when making its decision.

Highlighting the participants in the public comments and the government’s role in upholding IP rights, Shira Perlmutter, Register of Copyrights and Director of the U.S. Copyright Office said:

“The report reflects extensive input from a broad spectrum of commenters, including creators, brand owners, innovators, academics, and practitioners. We look forward to continuing to engage with stakeholders on emerging technologies and implications for IP rights.”

The joint body encouraged public education on IP laws and product transparency for NFT assets. The government believes this will help reduce the risk of NFTs being involved in copyright infringement.

The joint study’s findings show that, while the latest decision didn’t provide explicit guidelines as to how NFTs can used, enthusiasts can still explore the non-fungible domain.