In this week's episode of The Legit Ledger, Sheppard Mullin attorneys Jim Gatto and Gabe Khoury discuss the current state of NFT regulation, including misconceptions regarding the regulatory status of NFTs, the conditions under which an NFT might be considered a security, which regulatory agencies market participants should be watching, and more.
Thank you for listening!
What We Discussed in This Episode
- People frequently assume NFTs aren't subject to many of the same regulatory issues relevant to cryptocurrencies. Is that assumption accurate?
- Have there been any NFT-related regulatory enforcement actions?
- Has the SEC issued any guidance on NFTs?
- When might NFTs be subject to securities laws?
- How does FinCen's guidance on the applicability of the Bank Secrecy Act to convertible virtual currencies apply to NFTs?
- How does the Department of Treasury's recent study on the facilitation of money laundering and terrorist financing through the art trade relate to NFTs?
- Are there any sanctions-related issues that apply to NFTs?
- Many traditional video game companies have faced lawsuits over the alleged use of gambling mechanics. How might the growing use of NFTs in blockchain-based games play into that trend?
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