A federal judge’s recent ruling in Manhattan that claims Dapper Labs’ NBA Top Shot NFTs may be unregistered securities shows U.S. government regulations could be coming to the multi-billion dollar NFT market.

Nicolas Julia, CEO of fantasy sports NFT firm Sorare, believes his product should be listed under a new category outside of existing sports betting and daily fantasy sports regulations. 

Julia and other Sorare executives met with invited media during Wednesday’s Knicks-Nets NBA game at Madison Square Garden. Julia shortly thereafter flew back to Paris, where Sorare launched in 2018.

The French company claims it has more than three million users worldwide through its fantasy NFT partnerships with 300+ sports organizations around the globe—including the NBA, MLB, MLS, and virtually every top European soccer league. The company most recently signed a four-year deal with the English Premier League in January.