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Earlier this week, two NFT artists decided to take the lack of regulatory clarity over their medium to court.  Jonathan Mann and Brian Frye sued the Securities and Exchange Commission. In a Louisiana court filing, they argue that artists like Andy Warhol and Georgia O’Keeffe never had to worry about regulators claiming their art constituted investment contracts. “It would be crazy to think that Bob Dylan, Janis Joplin, the Rolling Stones, Ray Charles, Jimi Hendrix, Madonna or Louisiana’s own Louis Armstrong should have retained attorneys to examine the SEC’s Form S-1 to see how to register their music for sale to the general public,” the complaint said. Mann told Blockworks that the suit was borne from “deep frustration” with the lack of clarity. The regulatory agency’s anti-crypto parade has already targeted two NFT projects, Stoner Cats and Impact Theory, and Mann felt that his NFT collection could follow in Stoner Cat’s footsteps. Read more from our opinion section: It’s time to end the SEC’s war on crypto The goal for the artists is simple: Get some answers from the SEC and act before the agency can take action against the two of them for their projects.  Mann, the artist behind A Song A Day Mann, writes and releases a song a day, and has done so for 16 years. He told Blockworks that he has been involved in the NFT space since 2017 — way before the 2021 boom that probably put such things on the SEC’s radar. His project has penned multiple songs about the SEC — including one earlier this week detailing his plans to sue the SEC — and one from September of last year about the SEC’s actions against Stoner Cats. Last year, the Mila Kunis and Ashton Kutcher-backed project paid $1 million to settle with…

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Filed under: News - @ August 4, 2024 4:22 pm