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U.S. Patent and Trademark Office and U.S. Copyright Office conclude joint study on non-fungible tokens

By Ferraiuoli LLC

The U.S. Patent and Trademark Office and the U.S. Copyright Office published the results of their joint study on the intellectual property (IP) law and policy implications of non-fungible tokens (NFTs). The Offices conducted the study in response to a June 2022 request from then-Chair of the Senate Committee on the Judiciary Subcommittee on Intellectual Property Patrick Leahy and Ranking Member Thom Tillis.

During the joint study, the Offices solicited public comments via a notice of inquiry, held three public roundtables, and examined existing literature and case law. 

In their report, the Offices acknowledged commenters’ views that NFTs may enable artists to secure remuneration for downstream resales of their works, aid trademark owners in expanding their brand appeal, and play a supportive role in the management, transfer, or licensing of IP rights. They also recognized concerns that buyers and sellers do not know what IP rights are implicated in the creation, marketing, and transfer of NFTs, and that NFTs may be used to facilitate copyright or trademark infringement. 

The Offices concluded, however, that existing statutory enforcement mechanisms are currently sufficient to address infringement concerns related to NFT applications, and that changes to IP laws, or to the Offices’ registration and recordation practices, are not necessary or advisable at this time. Rather, public education initiatives and product transparency play an important role in ensuring greater awareness and understanding about NFTs.

Ferraiuoli LLC

Ferraiuoli LLC (FLLC) was founded in 2003 by the late Blas Ferraiuoli-Martínez, Eugenio Torres-Oyola and María Marchand-Sánchez. This group was then joined in 2004 by Fernando J. Rovira-Rullán, thus forming the founding core of FLLC. FLLC has grown exponentially since its founding from a law firm with three attorneys and a support staff of three to its current size of 54 attorneys with a support staff of 38. Also, FLLC has grown from initially being known as an intellectual property and corporate law boutique law firm to a multiservice law firm that handles most matters relevant to a business while continuing to earn praise for its leading intellectual property and corporate practices.

FLLC has been ranked as a leading law firm in Puerto Rico by the professional publication Chambers Latin America in intellectual property, corporate, bankruptcy, labor & employment, real estate, and tax law. Moreover, 17 FLLC partners have been ranked as leaders in their field by the same publication. 4 FLLC partners are ranked as leaders in Intellectual Property, no other firm has more than 2. This recognition in such a short period of time is a tribute to FLLC’s business model.

FLLC prides itself in doing its work faster and more cost-efficiently yet with the same quality as that of its main competitors. The founding name partners are available at all times to attend to client matters. Their work ethic sets the tone for the rest of the firm. FLLC’s founders’ goal has been steady from the outset: become one of the premier multiservice law firms in Puerto Rico.

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