SEC targets NFTs

labeling them as “unregistered securities”. About a one minute read.

Comment: not surprised at all, they clearly fail The Howey Test (link below), so expect to see SEC moving against OpenSea and other platforms. Disclaimer: I’ve made an sold a large number of NFTs, but I still view SEC’s actions as net positive.

Crypto and securities: New interpretation of US Howey test gaining ground

Not everyone favors applying the Howey test to crypto assets, arguing the test works better for prosecuting fraud cases than as an aid for registration.