EddieJayonCrypto
13 Mar 24
A government study has found that current intellectual property laws are sufficient to address concerns surrounding NFTs. The 112-page study by the US Patent and Trademark Office and the US Copyright Office concluded that most stakeholders believe current laws are adequate, despite concerns about tr...
A government study has found that current intellectual property laws are sufficient to address concerns surrounding NFTs. The 112-page study by the US Patent and Trademark Office and the US Copyright Office concluded that most stakeholders believe current laws are adequate, despite concerns about trademark misappropriation and infringement on NFT platforms. The study also noted that NFT-specific legislation could impede the evolving development of NFT technology. Additionally, the lack of controlling judicial precedent regarding trademark enforcement in the context of NFTs complicates enforcement efforts.
The study was requested by Former Democratic Senator from Vermont, Patrick Joseph Leahy and Democratic Senator from North Carolina, Thom Tillis, in June 2022. The USPTO and the Copyright Office conducted three public roundtables and solicited comments from interested stakeholders, ultimately concluding that changes to intellectual property laws or to the Offices' registration and recordation practices are not necessary at this time. The study also found that NFT-specific legislation would be premature and potentially harmful to the evolving development of NFT technology.
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