Two artists have taken legal action to demand clarification from the SEC over the status of NFTs.
In this week’s newsletter, read about how filmmaker Brian Frye and songwriter Jonathan Mann sued the United States Securities and Exchange Commission to clarify whether or not non-fungible tokens (NFTs) are securities, and find out why betting platform DraftKings is winding down its NFT business after facing legal developments. In other news, NFTs are facing their lowest monthly sales volume in 2024, video game pioneer Atari is bringing classic games onchain, and NFT and gaming blockchain Ronin has surpassed other networks in daily active users.
Law professor and filmmaker Brian Frye and songwriter Jonathan Mann are suing the SEC to determine whether NFTs fall under the government agency’s authority.
Lawyers representing the artists seek clarification on which acts could trigger securities laws regarding minting and selling art NFTs. The lawyers used Taylor Swift tickets as an example and argued that classifying NFTs as securities would be absurd.
