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other NFT artistsWired
•77% Informative
The SEC has designated some NFT-connected digital art pieces as securities, meaning they’d have to be registered with the commission.
Jonathan Mann and the conceptual artist and lawyer Brian Frye filed a lawsuit in a Louisiana federal district court against the SEC .
Mann wants to sell 10,420 NFTs for remixes of “ This Song Is a Security ,” a track referring to the SEC ’s 2023 actions.
NFT art sales took off in 2021 , exemplified by the $69 million Christie’s sale of a work by digital artist Beeple .
NFTs have a fundamentally money-related nature that other artistic media do n’t .
Since the SEC ordered Impact Theory and Stoner Cats to destroy the yet unsold artworks associated with their projects, the regulatory body could be seen as demanding that an artist burn their art.
Mann calls the suit an interesting “artistic gesture,” but points out that the SEC hasn’t even offered clear rules on cryptocurrency, let alone NFTs.
The SEC has 60 days from the date the lawsuit was filed to respond.
The agency can either come back with a motion to dismiss or an answer in which they’ll probably “deny the allegations and plan to contest ”.
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