Cryptoartists vs. the SEC
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Recently, the SEC has pivoted into unprecedented territory by going after NFT projects like Impact Theory and Stoner Cats as "unregistered securities offerings."
This crackdown begs the question: where does the slippery slope end here?
Well, two renowned crypto creatives are now pressing their case in federal court in a bid to get answers.
This week, conceptual artist and law professor Brian Frye and "Song a Day Man" Jonathan Mann filed a lawsuit in Louisiana, challenging the SEC's authority to regulate NFT art as securities.
They aim to compel the SEC to declare that their NFT projects are not illegal securities offerings and to get the Commission to issue new definitive guidance on NFT art releases.
I enthusiastically applaud the move. It's high time that artists in crypto can create and sell their work without fear of punitive measures, and this case can prove to be a breakthrough in this regard.
Of course, the outcome of this lawsuit remains uncertain as it's just beginning, but it's a great shot at carving out greater freedom for digital artists going forward. Let's hope Frye and Mann win!
📰 General news
- Base announced its Onchain Summer Buildathon winners
- Irys, a programmable datachain project, announced its arrival
- Mintify, an NFT order book trading platform, raised $3.4M
- Nouns discovered a token delegation vulnerability
🎨 Cryptoart & music
- Deca unveiled a new collector page experience
- Mad Dog Jones launched a custom AI art model via TITLES
- MyFi Studio released a new fully onchain instrument, the in real time sampler
- Subvert, a new shared-ownership alternative to Bandcamp, is ramping up
- Zora added support for Sparks in its mobile app
🏆 Digital collectibles
- Bankless released The Crypto Wars III: Revenge of the ETF on Zora
- CryptoPunks V1 had its floor drop to 0.6 ETH after a collector sold +50 into Blur bids
- Doodles presented the first Doodles Records project, the Dullsville and the Doodleverse soundtrack, and partnered with AriZona on a giveaway contest
🎮 Decentralized gaming
- Axie Infinity launched Avatar Mode for its Homeland title
- BLOCKLORDS is driving an AA accounts surge on Base
- DraftKings decided to shutter its Reignmakers fantasy sports game
- Otherside is on the verge of releasing its alpha development kit
- Parallel launched Season 6: Scarlet Fury gameplay
- Small Brain introduced its new endless crafting game, elements.fun
📱 Onchain social
- Farcaster now has +20 Composer Actions
- Nook, a new Farcaster app for sharing and reviewing content, launched
- Privy added support for Lens
🪙 NFTfi
- Gmoney borrowed 1M USDC against CryptoPunk #8219, a rare ape
🌐 Virtual worlds
- Polygonal Mind, the team behind VIPE, CryptoAvatars, and more, is closing down its operations
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- 🔄 On Core Loops - rm
- ☕️ Fresh Coffee - Nounsletter
- 🥈 ERC721J: A Token for Creators of Music - Contract Wizard
- 💽 How Decentralized Is Farcaster Today? - Dan Romero
- 🎊 elements.fun, an Endless Crafting Game on Base - AW Research
Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
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