The National Football League (NFL) now allows its sports team to seek limited blockchain partnerships as a way to find new ways of monetization, CNBC has learned citing an internal memo.
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Although the league now allows "promotional relationships without undertaking excessive regulator or brand risk" it is still prohibited for sports teams to "directly promote" cryptocurrencies or fan tokens. The memo reads:
"In this evolving regulatory environment, it remains essential that we proceed carefully when evaluating potential commercial opportunities involving blockchain technologies, and conduct appropriate diligence on all potential partners and their business models."
In a commentary for CNBC, Joe Ruggiero, Head of Consumer Products at NFL, said that the blockchain/crypto-related deals are limited up to three years to stay flexible "for the long term." As iHodl earlier reported, the NFL spent $600,000 lobbying the US Securities and Exchange Commission (SEC) on "issues related to blockchain technology."
As per reports, the NFL was active from July through December last year, lobbying the White House Office, the Department of Justice and the Department of Commerce on "federal regulation of sports betting." According to sources close to the matter, the football league was trying to find out if cryptocurrencies can become an integral part of its business.
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