Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»ADOPTION NEWS»Artist sues SEC over whether NFTs are securities, cites Taylor Swift tickets as example
ADOPTION NEWS

Artist sues SEC over whether NFTs are securities, cites Taylor Swift tickets as example

By Crypto FlexsJuly 30, 20244 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Artist sues SEC over whether NFTs are securities, cites Taylor Swift tickets as example
Share
Facebook Twitter LinkedIn Pinterest Email

Two NFT artists have filed a lawsuit against the U.S. Securities and Exchange Commission, seeking the court’s answer to whether non-fungible tokens fall under the agency’s jurisdiction.

The lawsuit was filed by law professor Brian Frye and “Song a Day Mann” songwriter Jonathan Mann. complain The lawsuit was filed Monday in the U.S. District Court for the Eastern District of Louisiana against the SEC and its five commissioners.

Frye and Mann’s attorneys accused the SEC of “engaging in a campaign to assert jurisdiction over digital art sales,” citing two recent cases where the agency has focused on NFTs. Both are working on NFT projects and seeking court declaratory judgments.

SEC Brings First NFT Charges Against YouTube Channel and Podcast Studio shock theory Almost a year ago, the SEC said Impact Theory “encouraged potential investors to view their purchase of Founders Key as an investment in the business, and that if Impact Theory was successful in its efforts, investors would profit from the purchase.” “The order concludes that the NFTs offered and sold to investors were investment contracts and therefore securities.”

A month later, the agency I sued Stoner Cats 2 LLC is credited with raising $8 million from investors by releasing an unregistered NFT.

Both lawsuits ended in settlement.

“The SEC’s approach threatens the livelihoods of artists and creators who simply experiment with new and rapidly growing technologies or choose them as their preferred medium,” Frye and Mann’s attorneys said in the lawsuit filed Monday.

“Artists across the country suddenly face the specter of the SEC attacking the distribution of visual or musical art in unregistered securities offerings,” they added. “Artists—established and emerging—are suddenly faced with a bizarre question: Should I hire a securities lawyer to sell my art?”

The SEC declined to comment on the lawsuit.

The SEC’s previous NFT enforcement actions were consensual, leaving courts with little opportunity to consider whether NFTs were securities, Ashley Ebersole said. Chief Legal Counsel at 0x Labs and former SEC attorney.

Ebersol said the lawsuit highlights serious problems.

“SEC Chairman Gensler has made extensive statements on cryptocurrency jurisdiction, and the agency has settled lawsuits against NFT projects in the past, so NFT artists have every reason to be concerned and seek clarity,” Ebersole said in an emailed statement.

Are Taylor Swift tickets securities?

A lawyer representing both men said that while Mann and Frye may differ “in many ways” from singer Taylor Swift, they are “exactly on the same page” when it comes to the allegations.

People who buy Swift’s tickets and music can expect to profit, and Swift herself will make promotional statements, release new music and “promote aspects of her ecosystem,” the lawyers said.

“Imagine if the SEC decided that Taylor Swift’s songs or collectibles were securities (or simply securities if they were issued in NFT form) and ordered them destroyed. It sounds ridiculous, but that’s exactly what happened to Impact Theory and SC2,” the lawyers said.

Cryptocurrency executives and groups supported the complaint on Twitter on Monday.

“Wow,” said Katherine Minarik, Chief Legal Officer at Uniswap Labs. post About X. “The SEC’s application of securities laws has become so arbitrary and unlawful that *artists* are having to sue the SEC directly to protect their livelihoods. The SEC has collapsed.”

The Blockchain Association claimed: post The SEC has no jurisdiction over NFT art.

The group said in its filing that it was “unreasonable to expect musicians, designers and other artists to hire lawyers to advise the SEC on whether sales of their art would be considered a securities offering.”


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Current financial disclosures are as follows:

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

SOL Leverage Longs Jump Ship, is it $ 200 next?

September 24, 2025

Bitcoin Treasury Firm Strive adds an industry veterans and starts a new $ 950 million capital initiative.

September 16, 2025

The best Solana depin project to form the future -Part 2

September 8, 2025
Add A Comment

Comments are closed.

Recent Posts

Futuromining Reaches $5,700 Daily Income Milestone For XRP Users

September 26, 2025

CoinFerenceX 2025 Unites Global Web3 Innovators In Singapore On September 29

September 26, 2025

Pepeto Highlights $6.8M Presale Amid Ethereum’s Price Moves And Opportunities

September 26, 2025

LYS Labs Moves Beyond Data And Aims To Become The Operating System For Automated Global Finance

September 26, 2025

Dexari Unveils $1M Cash Prize Trading Competition

September 26, 2025

How to solve the XPL perp defect

September 26, 2025

Detect the full execution bug with the induction pursing of Wake

September 25, 2025

KuCoin Appeals FINTRAC Decision, Reaffirms Commitment To Compliance

September 25, 2025

Phemex Revamps Blog To Deliver Deeper Insights And Enhanced Reader Experience

September 25, 2025

T-REX Launches Intelligence Layer To Fix Web3’s Value Distribution Problem

September 25, 2025

Are you doing a fair deal?

September 25, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Futuromining Reaches $5,700 Daily Income Milestone For XRP Users

September 26, 2025

CoinFerenceX 2025 Unites Global Web3 Innovators In Singapore On September 29

September 26, 2025

Pepeto Highlights $6.8M Presale Amid Ethereum’s Price Moves And Opportunities

September 26, 2025
Most Popular

New coin explodes 700% as Shiba Inu and Ripple prepare for price rise amid recession.

December 20, 2024

Trump Media

March 25, 2025

Ether Leeum Whale starts a $ 11 million leverage betting in the 30% increase in ETH prices.

June 12, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.