The SEC is wrong. No, it’s worse. The SEC is nuts. The NFT market is identical to the art market. Or rather, the NFT market is an art market. If the SEC can regulate the NFT market, then it can also regulate the art market. But the art market existed long before the SEC was created in 1934, and the SEC has never regulated the art market or even contemplated regulating the art market. It can’t and it shouldn’t. If Congress had wanted to give the SEC authority to regulate the art market, it would have said so. And, if it made sense for the SEC to regulate the art market, it would have done so a long time ago.