Two artists sue the U.S. SEC over whether NFTs are securities and jurisdiction issues

ChainCatcher news, two NFT artists are suing the U.S. SEC over whether NFTs are securities and their jurisdiction. Law professor Brian Frye and "Song a Day Mann" songwriter Jonathan Mann filed a lawsuit against the U.S. SEC and its five commissioners on Monday in the U.S. District Court for the Eastern District of Louisiana.

The artists' lawyers accuse the SEC of launching a "campaign to assert jurisdiction over the sale of digital artworks," citing Taylor Swift's concert tickets as an example, and referencing the agency's recent two cases against NFTs. Both companies are preparing NFT projects and are seeking a declaratory judgment from the court.

0x Labs' General Counsel and former SEC lawyer Ashley Ebersole stated that the SEC's previous NFT enforcement actions have been settled, leaving the court with little opportunity to consider whether NFTs fall under the definition of securities.