CoinVoice has recently learned that two NFT artists have sued the U.S. SEC over whether NFT is a security and its jurisdiction. Law professor Brian Frye and "Song a Day Mann" songwriter Jonathan Mann filed a lawsuit against the U.S. SEC and its five commissioners in the U.S. District Court for the Eastern District of Louisiana on Monday.
Lawyers for the two artists accused the SEC of waging a âcampaign to assert jurisdiction over digital art sales,â citing Taylor Swiftâs tickets as an example and two recent NFT cases the agency brought. Both companies are working on NFT projects and are seeking declaratory judgments from the court.
Ashley Ebersole, general counsel of 0x Labs and former SEC lawyer, said that the SEC's previous NFT enforcement actions have been settled, so the courts rarely have the opportunity to consider whether NFTs are securities. [Original link]
