According to Odaily, two NFT artists have filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) regarding the classification of NFTs as securities and the agency's jurisdiction over them. Law professor Brian Frye and Jonathan Mann, known for his 'Song a Day Mann' series, initiated the legal action on Monday in the U.S. District Court for the Eastern District of Louisiana against the SEC and its five commissioners. The artists' attorneys accuse the SEC of launching a 'jurisdictional grab' and argue that categorizing NFTs as securities is absurd, using Taylor Swift concert tickets as an example to illustrate their point. The lawsuit also references two recent cases the SEC has brought against NFTs.
