CTF Written Submission

Re: Recommendations for Treatment of NFTs for Digital Art Under Securities Law and the First Amendment

April 1, 2025
  • NFTs for digital art do not constitute investment contracts under the Securities Act of 1933.
  • Requiring securities registration of NFTs for digital art violates the First Amendment by imposing prior restraints on creators of artistic expression.
  • The SEC should issue public guidance stating that NFTs used for digital art do not constitute securities or “investment contracts.”

Last Reviewed or Updated: April 3, 2025