“The SEC has gone beyond what people traditionally think of as investment contracts or securities, and they have now started encroaching into the art world, just because the art in their previous cases happened to be digital,” Jason Gottlieb, a partner at Morrison Cohen, said in an interview.
Two nonfungible token artists have filed a complaint against the U.S. Securities and Exchange Commission, asking a federal district court in New Orleans to clarify whether NFTs fall under the jurisdiction of Wall Street’s largest regulator as unregistered securities.
David Patrón, a partner at the Am Law 200 firm Phelps Dunbar in its New Orleans, Louisiana office, and Jason Gottlieb, a partner at Morrison Cohen in its New York office, represent the plaintiffs, law professors Brian Frye and Jonathan Mann, against the SEC.
Jason Gottlieb, a partner at Morrison Cohen. (Courtesy photo)
