Loading...
Market
What will be the SEC's next action regarding NFTs following the lawsuit by the end of 2024?
2
Resolution / Starting Odds
Issue new guidelines • 25%
Appeal the ruling • 25%
No further action • 25%
Other • 25%
Official announcements or actions by the SEC
Story
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."
View original story
Similar markets
Classified as securities • 25%
Not classified as securities • 25%
Partial regulation • 25%
No clear decision • 25%
New lawsuit against another exchange • 25%
New regulations for crypto assets • 25%
Settlement with another major exchange • 25%
Other • 25%
All NFTs classified as securities • 25%
Only fractionalized NFTs classified as securities • 25%
No NFTs classified as securities • 25%
Other specific guidelines • 25%
Increased regulations • 25%
No significant change • 25%
Decreased regulations • 25%
Other outcomes • 25%
Introduce new regulations • 25%
Modify existing regulations • 25%
Rescind existing regulations • 25%
No major action • 25%
New regulations introduced • 25%
Existing regulations enforced • 25%
No significant actions • 25%
Other • 25%
Issue new regulations • 25%
Classify tokens as non-securities • 25%
Both • 25%
Neither • 25%
SEC files lawsuit • 25%
Settlement reached • 25%
No action taken • 25%
Other outcome • 25%
Yes • 50%
No • 50%