Brian L. Frye, a legal professor and conceptual artist, has sued the U.S. Securities and Exchange Commission (SEC) in an LA court for making NFTs securities under its regulation.
This lawsuit by Fry and Songadaymann is coming at a time when there is a debate on how to categorize digital art assets.
US SEC Sued Over NFT Art Regulation
According to the recent filing, the core of Fry’s lawsuit revolves around his view that the SEC’s interpretation of securities laws are too broad and do not promote artists who use NFT as their medium. Frye, Dogecoin’s Professor of Law, has been always questioning what he considers traditional interpretations of legal works especially such as his ‘SEC No-Action Letter Request’-a conceptual artwork.
In this project, according to him it was an unregistered security based on this kind of Howey Test which neither he received any response…
