# Cryptoartists vs. the SEC

*Author: Bankless*
*Published: Aug 2, 2024*
*Source: https://www.bankless.com/de/cryptoartists-vs-sec*

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[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/08/Frame-50488--1--1--1---1-.png)](https://www.bankless.com/sponsor/kraken-1682978636?ref=metaverse-lessons-virtual-land&email=true)

  

   Cryptoartists vs. the SEC
  

  
  Published on Aug. 2, 2024

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      NFT ROUNDUP
    
    
  
  
    
  Suing for NFTs
  

  

 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/08/image---2024-08-02T142044.739.png)](https://www.bankless.com/metaversal)**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](https://x.com/brianlfrye/status/1817958327428800800) and ["Song a Day Man" Jonathan Mann](https://x.com/songadaymann/status/1817959431206023653) filed a lawsuit in Louisiana, challenging the SEC's authority to regulate NFT art as securities. 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/08/image---2024-08-02T132114.685.png)](https://x.com/songadaymann/status/1817959431206023653)*via [X](https://x.com/songadaymann/status/1817959431206023653)*
They aim to [compel the SEC](https://x.com/BanklessHQ/status/1818003379487932702) 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](https://base.mirror.xyz/p_A3ZxaBUEcpWwTf9_Yg-jnlOro8m8Ypc8LEDnA_ZRk)
- **Irys**, a programmable datachain project, [announced its arrival](https://x.com/josh_benaron/status/1818298386585354463)
- **Mintify**, an NFT order book trading platform, [raised $3.4M](https://www.theblock.co/post/307618/nft-startup-mintify-raises-3-4-million-in-additional-funding)
- **Nouns **discovered [a token delegation vulnerability](https://mirror.xyz/verbsteam.eth/TP917T6vm6gXuVAxbQ34ZCn7dNiHabu3UW-ninwalVc)

### **🎨 Cryptoart & music**
- **Deca **unveiled [a new collector page experience](https://x.com/0xDecaArt/status/1819156819308138587)
- **Mad Dog Jones** launched [a custom AI art model via TITLES](https://x.com/titlesxyz/status/1818683838199218561)
- **MyFi Studio** released [a new fully onchain instrument, the *in real time* sampler](https://x.com/MyFiStudio/status/1818692826843992548)
- **Subvert**, a new shared-ownership alternative to Bandcamp, [is ramping up](https://x.com/subvertworld/status/1818994458416812309)
- **Zora **added [support for Sparks in its mobile app](https://x.com/zora/status/1818678537945334087)

### **🏆 Digital collectibles**
- **Bankless** released [*The Crypto Wars III: Revenge of the ETF* on Zora](https://x.com/BanklessHQ/status/1819474641062158568)
- **CryptoPunks V1** had [its floor drop to 0.6 ETH after a collector sold +50 into Blur bids](https://x.com/punk9059/status/1819460561341645217)
- **Doodles **presented [the first Doodles Records project, the Dullsville and the Doodleverse soundtrack](https://x.com/doodles/status/1817908762801250649), and [partnered with AriZona on a giveaway contest](https://x.com/doodles/status/1819015179868504423)

### **🎮 Decentralized gaming**
- **Axie Infinity **launched [Avatar Mode for its Homeland title](https://x.com/AxieInfinity/status/1818597453626851557)
- **BLOCKLORDS **is driving [an AA accounts surge on Base](https://x.com/sealaunch_/status/1819421951116374128)
- **DraftKings **decided [to shutter its Reignmakers fantasy sports game](https://www.coindesk.com/business/2024/07/30/draftkings-dumps-nft-business-citing-legal-developments/)
- **Otherside **is [on the verge of releasing its alpha development kit](https://x.com/OthersideMeta/status/1818725889875886507)
- **Parallel **launched [Season 6: Scarlet Fury gameplay](https://x.com/ParallelTCG/status/1818803817099727147)
- **Small Brain** introduced [its new endless crafting game, elements.fun](https://x.com/0xsmallbrain/status/1818416972037865725)

### **📱 Onchain social**
- **Farcaster** now [has +20 Composer Actions](https://warpcast.com/dwr.eth/0x178b9419)
- **Nook**, a new Farcaster app for sharing and reviewing content, [launched](https://warpcast.com/slokh/0xe595fe59)
- **Privy **added [support for Lens](https://x.com/privy_io/status/1819044184340242863)

### **🪙 NFTfi **
- **Gmoney **borrowed [1M USDC against CryptoPunk #8219, a rare ape](https://x.com/gondixyz/status/1753521438081040779)

### ** **🌐** Virtual worlds**
- **Polygonal Mind**, the team behind VIPE, CryptoAvatars, and more, [is closing down its operations](https://x.com/polygonalmind/status/1818229955718775118)

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