John P. Cahill (Associate-White Plains, NY) and Taylor Bialek (Associate-New York, NY) collaborated on “Assessing the SEC’s Changing Approach to NFT Regulation,” which appeared in the November 17, 2025, posting of the Expert Analysis section on Law360. John and Taylor assess how the Securities and Exchange Commission (SEC), along with the Commodity Futures Trading Commission (CFTC), has shifted its position on nonfungible tokens (NFTs), moving away from treating them as subject to securities laws and focusing instead on how they are marketed, their trading infrastructure, and their purchasers’ expectations. John and Taylor note that while early SEC actions pushed for broad NFT regulation, subsequent court decisions and statements from the SEC and CFTC commissioners have narrowed the focus, leading to an approach that “is more fact-specific, distinguishing community and access-oriented NFTs from those tied to profit-driven narratives or promoter-controlled ecosystems.”