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Artists sue SEC over confusing security status of NFTs

Attorneys representing the artists drew parallels to Taylor Swift concert tickets, which are often sold on the secondary market.

Two artists have sued the United States securities regulator seeking answers on whether nonfungible tokens fall under the commission’s authority.

Attorneys representing the plaintiffs — law professor and filmmaker Brian Frye and songwriter Jonathon Mann — sought clarification on which acts could trigger US securities laws when creating and selling NFT art.

Attorneys have asked whether artists need to “register” their NFT art before selling it to the public and whether they must make public disclosures about the “risks” of buying their art, the July 29 court filing shows.

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SEC Says ‘Stoner Cats’ Are Unregistered Securities in New NFT Enforcement Action

SEC Says ‘Stoner Cats’ Are Unregistered Securities in New NFT Enforcement Action

The U.S. Securities and Exchange Commission (SEC) has filed charges against Stoner Cats, a non-fungible token (NFT) collection backed by actress Mila Kunis, which it has deemed as unregistered securities. In a new press release, the regulatory agency says it is charging Stoner Cats, which raised $8 million thus far to finance an animated web […]

The post SEC Says ‘Stoner Cats’ Are Unregistered Securities in New NFT Enforcement Action appeared first on The Daily Hodl.

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SEC Says NFTs Are Securities in Lawsuit Against Los Angeles Entertainment Company Impact Theory

SEC Says NFTs Are Securities in Lawsuit Against Los Angeles Entertainment Company Impact Theory

The U.S. Securities and Exchange Commission (SEC) is charging a widely followed media company with securities violations in relation to the sale of non-fungible tokens (NFTs). The SEC is announcing formal charges against the Los Angeles-based entertainer Impact Theory for allegedly offering NFTs as an “unregistered offering of crypto asset securities.” “[The SEC] today charged Impact […]

The post SEC Says NFTs Are Securities in Lawsuit Against Los Angeles Entertainment Company Impact Theory appeared first on The Daily Hodl.

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