SEC Files and Settles First NFT Enforcement Action, Crypto Community Reacts

SEC deems NFTs as securities in first enforcement case

escalated its crackdown on crypto assets on Monday, accusing a Los Angeles-based media company of offering unregistered securities in the form of non-fungible tokens.

Impact Theory, an entertainment company, allegedly garnered nearly $30 million from hundreds of investors through itsofferings. According to the SEC, the offerings should have been registered with the agency. Impact Theory agreed to pay more than $6 million to settle the claims and a cease-and-desist order without admitting to or denying the SEC's allegations.

The settlement is the SEC's first enforcement action against NFTs and another move in the agency's crackdown on crypto goods that it claims are securities under its jurisdiction.SEC commissioners Hester Peirce and Mark Uyeda released a dissenting statement, saying they disagreed with how the regulator applied the Howey test in determining investment contracts.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Utoday_en /  🏆 295. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

LA media company settles first SEC enforcement case over NFTs By ReutersLA media company settles first SEC enforcement case over NFTs
Read more »

SEC brings first NFT enforcement action in case against podcast studioThe SEC has charged Impact Theory with 'conducting an unregistered offering of crypto asset securities,' the agency said in a statement.
Read more »

SEC takes first action against an NFT project as an unregistered securityA dissent from two SEC commissioners raises questions about NFTs broadly.
Read more »

SEC charges podcaster in first unregistered securities sales claim against NFT offeringImpact Theory, a company that produces educational and entertainment content, has agreed to an SEC cease-and-desist order over sales of one of its NFT suites.
Read more »

SEC Issues First Enforcement Action Targeting NFTsThe agency ruled Impact Theory’s NFTs were sold as unregistered securities.
Read more »

In a First for NFT Sector, SEC Charges Impact Theory Over Unregistered SecuritiesImpact Theory's CEO revealed that the company reached a settlement with the SEC.
Read more »