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Expert Analysis

Assessing The SEC's Changing Approach To NFT Regulation

By John Cahill and Taylor Bialek ( November 17, 2025, 5:11 PM EST) -- U.S. policy on nonfungible tokens has shifted from enforcement-first to a more disciplined framework grounded in economic reality. The U.S. District Court for the Central District of California's Sept. 30 decision in Adonis Real v. Yuga Labs reflects this change in ideology, clarifying the distinction between speculative investment schemes and projects centered on culture or community.[1]...

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