Cozomo de’Medici, the alter ego on Web3 of the sensational hip-hop artist Snoop Dogg, has joined forces with prominent digital artist Beeple and activist group UNFKearth to launch a petition aimed at Gary Gensler and the U.S. Securities and Exchange Commission (SEC). Snoop Dogg’s petition is a response to a recent move by SEC Chair Gary Gensler to classify NFTs as securities, a decision that could have severe consequences for thousands of crypto artists and creators.
Gary Gensler wants to kill your NFTs
Calling them securities in an attack on crypto artists.
Starting today, we fight back.
I’m teaming up with @beeple, @UNFKearth and YOU to deliver 100,000 signatures to the SEC, demanding they keep their hands off our JPEGs
And Beeple will… pic.twitter.com/GiR64wqLPe
— Cozomo de’ Medici (@CozomoMedici) September 12, 2024
Cozomo de’ Medici is an influential NFT collector and advocate, and is known for supporting digital art and blockchain technology. Beeple, whose real name is Mike Winkelmann, is a renowned digital artist who made headlines in 2021 for selling an NFt artwork for $69 million. UNFKearth is a group advocating for freedom of expression and decentralized ownership in digital art.
Together, they have started a campaign to gather 100,000 signatures to present to the SEC, demanding that NFTs cannot be classified as securities. As of now, 16,816 petitions have been signed.
Why Does This Petition Matter?
The SEC recently sent a Wells notice to OpenSea, a leading NFT marketplace, that it views NFTs as securities. This move, if upheld, would significantly impact the livelihood of artists who rely on NFT sales for income. Snoop Dogg, argues that regulating NFTs like securities would stifle creativity and harm the digital art community.
Incentives for Signing the Petition
To encourage participation, the petition offers a chance for five lucky signers to win $2000 in SOL each. Participants need to provide their email addresses to be eligible for the prize. Beeple has also promised to immortalize the petition in one of his iconic “Everydays” digital artworks, amplifying the campaign’s message.
The Border Fight Against SEC’s Approach
The pushback against the SEC’s actions is not limited to just NFTs. Companies like Coinbase, Uniswap, Robinhood, and Kraken have also opposed the SEC’s strategy of “regulation by enforcement.” They argue that NFTs, fundamentally creative goods like art, collectibles, and game items, should not be regulated in the same way as financial securities.
Uncle Snoop encouraged supporters to sign the petition, share their thoughts about Gary Gensler’s approach, and spread the word to build momentum. As the digital art community braces for potential regulatory challenges, this campaign could be a pivotal moment in defending the future of NFTs and digital creativity.
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