Just came across this story in my news feed: For the first time, the SEC has charged an NFT project with selling unregistered securities The author notes "The lawsuit portends future SEC enforcement actions against NFT projects."
I have wondered for some time about potential SEC oversight with regard to museums that issue NFTs. For example, in the past few years, several companies have proposed to help museums create NFTs that essentially represent "shares" of objects in the collection. The general pitch is "this is a way to help you generate income from collections, supporting their care." Aside from the fact that this could be interpreted as violating the AAM Code of Ethics (which specifies that collections must be "unencumbered") and might trigger FASB requirements for valuing collections, might the creation and trading of NFTs that represent "shares" of an collections object be regulated by the SEC?
Would love to connect with someone familiar with securities law who might weigh in on this. Let me know if you can connect me with anyone in your networks?
Thank you for helping me explore the future.
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