Many of those active in the non-fungible token (NFT) market have been nervously anticipating action from the U.S. Securities and Exchange Commission (SEC) regarding whether or not they will categorize NFTs as securities and further regulate them. U.S. regulators have not yet definitely opined on whether NFTs in general are securities. However, a recent ruling, Friel v. Dapper Labs Inc et al, U.S. District Court, Southern District of New York, No. 21-05837, may have set the stage for some much-needed clarity with respect to the legal characterization of NFTs.
William Bruno is a partner in the Washington, D.C. office of Crowell & Moring, where he is a member of the firm’s Corporate Group. William’s practice focuses on general corporate and securities matters for public and private companies, including mergers and acquisitions, initial and follow-on securities offerings, complex commercial transactions, and corporate governance. William advises clients seeking to grow, collaborate, and secure new capital.