For the first time, we’re seeing an individual U.S. state (in this case, New Jersey) pursue NFT-specific regulation in what is bound to be a messy situation.
A state bill, titled the ‘Digital Asset and Blockchain Technology Act,’ has already passed assembly and is on its way to the Senate – where speculators have largely expressed belief that it will pass.
Let’s dive into all you need to know regarding this bill and it’s potential implications on NFTs and crypto.
New Jersey: No Stranger To Crypto Enforcement
New Jersey is not foreign to the concept of ‘cracking down on crypto.’ There’s a variety of examples of this, but one recent memory surrounds the now defunct CeFi platform, Celsius. Celsius was based in New Jersey, and the state was one of the first to put the clamps on Celsius’ operations. Several other states, such as Alabama and Texas, followed suit, and less than a year later, Celsius operations closed and the company was chalked up as another 2022 bear market domino to fall.
Now, state regulators are back again, this time looking to establish a…