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The SEC also regulates trading in stocks, which are contracts that show ownership, just of a portion of a corporation instead of a piece of art. They’re both classified as securities because they can be bought, sold and traded as investments where people can stand to gain or lose large sums of money in said trades. They work in very similar, if not identical, ways. If the NFT did not function so much like a stock investment and was just something you could buy or sell as a regular good, then the implementation would not be so weird.
It just wasn’t a problem to them and it was a problem for people they didn’t like (whom they call Nazis, various “-ists” and so on if they dare think differently from them). Now it’s flipped and it’s a problem for them but not the people they don’t like. Every platform needs some form of moderation, but that moderation can run the risk of being too harsh on certain groups depending on the opinions of the moderators. Dorsey himself admitted this was happening at Twitter (being too harsh on legitimate conservative views (not just real Nazis) because the mods didn’t like them) to Congress before it was sold, and he did little to nothing about it. Now the moderation seems to be at the whims of however Elon is feeling on any given day, and due to his own stances, liberals are now getting the brunt of it. It really would be nice to just have somewhere where only the very extremes of left and right, and any actual illegal content, would be moderated out and the mods could keep to that no matter what “side” they or ownership is on. But I know that’s just a pipe dream.