Credit: cutimage/Adobe Stock The Limits of Howey: What the SEC May Be Signaling Through its Approach to NFTs and F-NFTs
While the SEC has yet to weigh in on the question of whether NFTs are securities, its increased attention on fractionalized NFTs may signal a shift in how the agency intends to test whether digital assets are securities in the future.
November 28, 2022 at 09:03 AM
7 minute read
In particular, a subset of NFTs known as "fractionalized" NFTs (F-NFTs)—though certainly not the largest by market cap—presents unique legal questions and may provide insight into where U.S. regulation of digital assets is headed. Recent actions by the U.S. Securities and Exchange Commission (SEC), together with certain statements by SEC commissioners, may indicate a shift in approach toward a rebuttable presumption that digital assets are securities, without deference to formal legal tests.
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