NFTs are not securities any more than Furbies or Cabbage Patch dolls or baseball cards or Magic: The Gathering limited edition packs. This argument doesn't hol

NFTs are not securities any more than Furbies or Cabbage Patch dolls or baseball cards or Magic: The Gathering limited edition packs. This argument doesn't hold water because the Howey test is very clear about what defines a security and art based NFTs are no such thing. Just because some people speculate on a commodity going higher in price does not make it a security. He is not being charged with insider trading. There is no argument even being put forth by the DOJ that he violated securities laws. He's being charged with wire fraud and money laundering.