New Frontiers in Technology Act

[Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [H.R. 10544 Introduced in House (IH)] <DOC> 118th CONGRESS 2d Session H. R. 10544 To specify the treatment of covered non-fungible tokens under the securities laws, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES December 20, 2024 Mr. Timmons (for himself and Mr. Torres of New York) introduced the following bill; which was referred to the Committee on Financial Services _______________________________________________________________________ A BILL To specify the treatment of covered non-fungible tokens under the securities laws, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``New Frontiers in Technology Act''. SEC. 2. TREATMENT OF COVERED NON-FUNGIBLE TOKENS UNDER THE SECURITIES LAWS. (a) In General.--For purposes of the securities laws-- (1) a covered non-fungible token is not an investment contract; and (2) an offer or sale of a covered non-fungible token is not a transaction in a security. (b) Definitions.--In this section and section 3: (1) Covered non-fungible token.-- (A) In general.--The term ``covered non-fungible token'' means any non-fungible token which was developed primarily for personal, family, or household consumption, including-- (i) a work of art, musical composition, literary work, or other intellectual property; (ii) a collectible, merchandise, virtual land, or video game asset; (iii) a digital identifier or other certificate or credential; (iv) an affinity, reward, or loyalty point; or (v) a right, license, membership, or ticket. (B) Exclusion.-- The term ``covered non-fungible token'' does not include a non-fungible token that is marketed by an issuer or promoter-- (i) primarily as an investment opportunity; or (ii) that promises future actions