Distinguishing Digital Collectibles from Digital Currency

Target: State legislators and financial services regulators

Solution: RXN engaged lobbyists in six states as new bills were introduced. We educated elected officials about NFT technology,  products, consumer risk, and existing legal protections. We testified for clients in hearings, recruited prominent consumer brand supporters, and generated questions in hearings that produced favorable answers on the public record. 

Result: We successfully defeated or amended legislation in New Jersey, Connecticut, Missouri, and California and created a favorable public record about the limits of a new California law. Legislation is still active in California (a third bill), Pennsylvania, and New York. 

In Addition: RXN traced the origin of several overbroad bills to a Uniform Law Commission “digital currency” model bill that legislators were misinterpreting and misusing. We persuaded the ULC to add a note explaining that “digital currency” and “digital assets” are different and that the model law is not intended to be extended to digital assets to its official commentary.