Artists Start a Legal Battle Against SEC Over NFTs
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Two NFT artists, Brian Frye and Jonathan Mann, have taken legal action against the US Securities and Exchange Commission (SEC) in an effort to determine whether non-fungible tokens fall within the regulatory scope of the agency.
The lawsuit was filed on Monday in the US District Court in the Eastern District of Louisiana against the SEC and its five commissioners.
Frye and Mann’s lawyers have accused the SEC of aggressively asserting authority over the sale of digital art, citing two recent instances where the agency targeted NFTs.
The artists, who both have NFT projects in development, are seeking a declaratory judgment from the court.
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