The U.S. Securities and Exchange Commission (SEC) may soon revise its approach to NFTs by issuing a statement that would clarify that certain types of tokens fall outside the scope of securities laws. This was announced by SEC Commissioner Hester Peirce, who now leads the agency’s Crypto Task Force.
According to experts, such a move could ease regulatory pressure on projects that use non-fungible tokens (NFTs) for crowdfunding, including the controversial Stoner Cats and Flyfish Club.
NFTs as Non-Securities
Peirce stated that the Commission may soon publish a document that would exclude certain NFTs from securities regulations. This would mainly apply to tokens linked to art or offering limited access rights.
She specifically cited Stoner Cats and Flyfish Club as examples — two projects that faced enforcement actions during Gary Gensler’s tenure as SEC chair.
- Stoner Cats is an animated series created with the involvement of actress Mila Kunis. The project raised around $8 million through NFT sales, which granted access to the show and included a 2.5% royalty fee on secondary market sales benefiting the project team.
- Flyfish Club raised over $14 million selling NFTs to fund a private dining club. The tokens granted membership access and were also tradable with royalties going to the project organizers.
Not a Free Pass for All NFTs
However, Peirce emphasized that this does not mean all NFTs will automatically be exempt from regulation. Some tokens may still be structured as securities and thus remain subject to SEC oversight.
“An NFT can be a tokenized security — and the form doesn’t change that,” she clarified.
NFTs and Memecoins as Collectibles, Not Investments
A similar idea was previously proposed by David Sacks, crypto advisor to President Trump. Speaking on Fox Business, he said NFTs and memecoins should be classified as collectible assets, akin to baseball cards or postage stamps.
According to Sacks, this classification would highlight their cultural and commemorative value, rather than focusing solely on their speculative potential. He made clear that this was his personal opinion, not an official regulatory stance.
A New Legal Framework on the Horizon
While the SEC considers a new position, the U.S. Congress is discussing legislation that would legalize the sale of NFTs bundled with benefits — such as membership, merchandise, or access to exclusive content.
These proposals are gaining traction amid growing calls to clearly differentiate between investment instruments and digital assets with practical or cultural value.
If such measures are adopted, experts believe they could create a more predictable legal environment for NFT projects and potentially revive interest in a market that has been in decline since the end of 2021.
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