The complaint states that the possibility of facing enforcement actions against NFT projects has created a chilling effect on NFT artists in the United States. The plaintiffs, conceptual artist and law professor Brian Frye, and musical artist Jonathan Mann, also known as “Song a Day Mann,” have decided to withhold their NFT projects until they receive protection from potential investigations or lawsuits by the SEC. Their legal team argues that any action taken by the SEC would have a severe impact on their artistic endeavors and be economically devastating.
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