NFT Artists Jonathan Mann and Brian Frye Sue SEC Over Regulatory Clarity on Digital Art

Jul 29, 2024, 05:56 PM

Two NFT artists, Jonathan Mann and Brian Frye, have filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) in the United States District Court for the Eastern District of Louisiana. The lawsuit seeks a declaratory judgment that the SEC cannot regulate the sale of NFT art as securities. The artists argue that digital art should not be classified as securities, and that the SEC's regulatory overreach is harming their ability to release art without the need to hire expensive securities lawyers. The complaint aims to force the SEC to provide regulatory clarity on whether NFTs are considered digital asset securities. The lawsuit has garnered attention within the art and legal communities, with many viewing it as a significant challenge to the SEC's authority over digital art. Alongside the lawsuit, Mann released a new song and music video titled "I'm Suing the SEC."