Does the SEC Actually Have Jurisdiction Over NFT Artwork? Two Artists Sue SEC to Get an Reply

The specter of potential enforcement actions in opposition to NFT initiatives has “unleashed a chilling impact over NFT artists throughout the [U.S.],” in response to the criticism. The plaintiffs within the case, conceptual artist and regulation professor Brian Frye, and musical artist Jonathan Mann, often known as “Track a Day Mann,” are every holding again a ready-to-go NFT venture till a court docket grants them safety from the “credible menace” of a future investigation or litigation by the SEC, which their attorneys declare could be which might be “economically devastating to [their] inventive endeavors.”