Recent events have shown the US SEC might be going after non-fungible tokens (NFTs). In a recent press release, the SEC charged Los Angeles-based media and entertainment company Impact Theory LLC for unregistered securities in the form of NFTs.
SEC Goes After Impact Theory NFTs
Impact Theory was one of many entertainment firms that launched its own NFT collection when the issuance and sales of NFTs exploded in 2021, taking advantage of the growing popularity of non-fungible tokens at the time.
The proceeds from the sale of this collection were reportedly up to $30 million and according to the SEC’s charges, Impact Theory had promised buyers that the non-fungible tokens would appreciate in value, promising that the purchase of the tokens meant investors were making investments in the company. Because of this act, the regulator believes the tokens could be classified as investment contracts and, thus, securities.
Following the action from the SEC, Impact Theory has agreed to a ceas
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