Is street art and/or graffiti an art form that ought to be recognized and respected or is it vandalism (i.e., why or why not is it art that should be respected)?

For the final paper assignment, an ethical case will be provided to prompt you to create a philosophical argument. This case is an old case used in a Regional Ethics Bowl competition. Please feel free to look up the organization or use the resources that are within the case. However, DO NOT copy or plagiarize others’ arguments given for this case. I will know and I will have to follow through with the plagiarism indicated on the syllabus, which includes failing this course.
For this paper, I will be assessing all aspects of your writing, including the structure of your argument, the strength of your claims, and how well each claim is supported by the evidence you provide. Given we have not read too much on the topic, you will have to do research outside of the readings provided for class. These sources should be legitimate and scholarly. Do not use wiki or blogs from the internet, but sources that have academic merit. I suggest using the online library resource database to find journal articles and book chapters. If you have found a source outside of the library database and are unsure whether it is reputable, please feel free to email me the link and I will look it over. 
PLEASE SEE PROCEEDING DOCUMENT FOR THE CASE, “‘Street Art’: Vandalism or Philanthropy?”
Questions:
Please answer the following questions in your argument. These are big questions and should be carefully thought out and your argument organized in coherent manner. You may choose to focus on only one or two questions.
Is street art and/or graffiti an art form that ought to be recognized and respected or is it vandalism (i.e., why or why not is it art that should be respected)?
If street art and/or graffiti is an art form that ought to be respected, how should it be presented and what is the significance of where the art object is located? Relate this question to the Banksy case describe in the case.
Do you think that street art and/or graffiti should be legal and if so, to what extent?