Nearly two years after the SEC’s last substantive guidance on digital assets, regulatory clarity around blockchain tokens remains elusive. As utility tokens stalled under securities scrutiny, Non-Fungible Tokens (NFTs) have surged into the spotlight—driven by digital art, booming secondary markets, and headline-making sales. This post examines NFTs through the lens of the SEC’s Howey framework, questioning whether NFTs may raise securities law concerns and arguing that contin
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