This is not a definitive ruling that these NFTs are securities — it is just a preliminary stage of the case — and it is certainly not a ruling that all NFTs are securities; the control that Dapper has over the investment here seems important. Also this is a case brought by private plaintiffs who bought Top Shot Moments during the bubble, not the SEC; the SEC tends to think that everything is a security, but has not really gone around claiming that NFTs are securities.
But the main fact of crypto regulation in the US in 2023 is that the SEC is cracking down by saying that everything is a security, and some crypto businesses are pushing back, arguing in court that in fact not everything in crypto is a security. My assumption is that, especially after the crypto collapse last year, courts are going to be very sympathetic to the SEC’s arguments, and very inclined to believe that everything is a security. This decision is another sign of that.
‘Enforcement 40’ for 2020
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