According to ChainCatcher, two NFT artists sued the U.S. SEC over whether NFT is a security and its jurisdiction. Law professor Brian Frye and songwriter Jonathan Mann filed a lawsuit in the U.S. District Court for the Eastern District of Louisiana.
Lawyers for the two artists accused the SEC of waging a "campaign to assert jurisdiction over the sale of digital art" and cited the agency's two recent cases focusing on NFTs. Both companies are preparing NFT projects and are seeking declaratory judgments from the court.
Ashley Ebersole, general counsel at 0x Labs and a former SEC lawyer, said the SECâs previous NFT enforcement actions have been settled, so courts rarely have the opportunity to consider whether NFTs are securities.
