Does the SEC Really Have Jurisdiction Over NFT Art? Two Artists Sue SEC to Get an Answer

The specter of potential enforcement actions towards NFT tasks has “unleashed a chilling impact over NFT artists throughout the [U.S.],” in keeping with the grievance. The plaintiffs within the case, conceptual artist and legislation professor Brian Frye, and musical artist Jonathan Mann, also referred to as “Music a Day Mann,” are every holding again a ready-to-go NFT undertaking till a court docket grants them safety from the “credible menace” of a future investigation or litigation by the SEC, which their legal professionals declare could be which might be “economically devastating to [their] inventive endeavors.”