In a first, the SEC charges Impact Theory with offering unregistered securities by selling NFTs; the LA-based entertainment company agreed to pay a $6.1M fine
Gary Gensler, chair of the Securities and Exchange Commission — In an enforcement action announced on Monday …
Fortune Leo Schwartz
Related Coverage
- NFTs & the SEC: Statement on Impact Theory, LLC US Securities and Exchange Commission
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- The defining characteristic of NFTs and crypto was that you got all of the “benefits” of stocks and other securities without any of the pesky regulations. — Turns out the SEC was keeping track. I keep wondering how long it'll take them to get to all of the various VC firms that indulged in insider trading and pump & dumps. … @carnage4life@mas.to · Dare Obasanjo
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- SEC Says NFTs Sold by an LA-based Entertainment Firm Are Securities Slashdot · Msmash
Discussion
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@zachxbt
@zachxbt
on x
How it started How it's going [image]
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@timccopeland
Cope
on x
it's kinda wild you have an SEC that can't even agree amongst itself on enforcement actions and yet it pushes through regardless
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@iampaulgrewal
@iampaulgrewal
on x
“We do not routinely bring enforcement actions against people that sell watches, paintings, or collectibles along with vague promises to build the brand and thus increase the resale value of those tangible items.” True. There is nothing routine about what we are witnessing.
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@colethereum
Cole
on x
The SEC just charged an NFT company for the sale of unregistered securities in the form of NFTs It even references the team stating they will being “tremendous value” to holders I have longed talked about the risk of this. Nobody listened. [image]
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@grady_booch
Grady Booch
on x
“NFTs are securities” Oh my. https://fortune.com/...
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@collins_belton
Collins Belton
on x
Really good dissent in today's NFT actions. I tend to agree with @HesterPeirce that this was legitimately a case of bad facts warranting some scrutiny, but that the fact that they already conducted a rescission offer + the SEC's lack of clarity makes this have limited value
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@novogratz
Mike Novogratz
on x
This👇🏼
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@waleswoosh
@waleswoosh
on x
The SEC suing Impact Theory for selling NFT securities is a pretty big deal. Because if you take a closer look at the details, the description applies to quite a few NFT projects - probably also to one you are holding right now. [image]
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@hesterpeirce
Hester Peirce
on x
The SEC filed and settled its first NFT enforcement action today: https://www.sec.gov/... Here's Commissioner Uyeda's and my dissent: https://www.sec.gov/...
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@punk9059
@punk9059
on x
SEC charges an NFT project ("Founders Key") w marketing an NFT as a security. This project raised $30mn, smaller than many of the prior headline targets of the SEC. Brings a lot more offerings, both coin and NFT, into question as targets https://www.sec.gov/...
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@zachxbt
@zachxbt
on x
Here's my thread from 2021 on the project and also the SEC press release. https://www.sec.gov/... [image]
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@mns
Sisk
on x
Damn this guy got rekt. Sam has great podcast judgement
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@jason
@jason
on x
NFTs were presented as a common enterprise; in fact, they were heavily marketed by many as a movement that would increase their value—@SECGov has a strong case here. If they were sold as one-offs from an artist? That feels different to me.
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@secgov
@secgov
on x
Today we charged Impact Theory LLC, a media and entertainment company headquartered in Los Angeles, with conducting an unregistered offering of crypto asset securities in the form of purported NFTs. Impact Theory raised approximately $30 million from hundreds of investors.
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r/CryptoCurrency
r
on reddit
In a first, the SEC says NFTs offered by an L.A.-based entertainment firm are securities. Here's how that could ripple throughout the industry