The U.S. Securities and Exchange Commission (SEC) has implemented new rules aimed at increasing transparency and accountability in the private equity and hedge fund industry, requiring the issuance of quarterly fee and performance reports, disclosure of fee structures, and annual audits, while banning preferential treatment for certain investors.
Impact Theory, a media and entertainment company, has been charged by the Securities and Exchange Commission (SEC) for conducting an unregistered offering of crypto asset securities in the form of non-fungible tokens (NFTs), raising approximately $30 million from investors.
The SEC's enforcement action against Impact Theory for selling unregistered securities as NFTs has raised concerns and sparked debate about the classification of NFTs as securities, with some arguing that it could have negative implications for the NFT industry and hinder innovation.
The SEC has fined entertainment company Impact Theory $6.1 million and forced it to destroy all the NFTs it sold, ruling that the company conducted an unauthorized securities offering.
The SEC's first enforcement action against NFT issuers has raised questions and uncertainties regarding regulations and legalities surrounding NFTs, including whether they should be classified as securities and how marketplaces should be regulated.
The SEC's denial of Grayscale's spot Bitcoin ETF application has been reviewed by a judge due to the SEC's failure to provide a coherent explanation, while the SEC also delayed verdicts on several Bitcoin spot market ETF applications, including BlackRock's, causing prices to rally; in other news, Circle's USDC stablecoin has experienced a significant decrease in market cap, SEC Commissioner Hester Peirce criticized the SEC's attempt to bring crypto exchanges under its jurisdiction, a lawsuit against Uniswap was dismissed by a New York judge, StarkWare zeroed all user balances on old wallets, Vivek Ramaswamy celebrated Grayscale's win over the SEC, the SEC delayed its verdict on multiple ETF applications including BlackRock's, and Chinese courts considered cryptocurrencies legal property protected by law.
Grayscale Investments succeeds in its bid to convert its Grayscale Bitcoin Trust into a listed Bitcoin ETF as the U.S. Court of Appeals grants its petition for review and vacates the SEC's order to deny the GBTC listing application. Meanwhile, the SEC delays decisions on six applications for spot Bitcoin ETFs, and the United Kingdom introduces the Travel Rule for crypto asset businesses. Additionally, the SEC accuses Impact Theory of engaging in unregistered securities transactions through NFT sales, and a Chinese court declares virtual assets as property protected by law.
The Securities and Exchange Commission (SEC) has determined that the sale of non-fungible tokens (NFTs) tied to the Stoner Cats web series was illegal, as the NFTs were considered unregistered securities, resulting in a $1 million fine and the destruction of all remaining NFTs for the company behind the series, Stoner Cats 2 (SC2).
The SEC has charged Mila Kunis and Ashton Kutcher's NFT-based web series "Stoner Cats" with selling unregistered securities, resulting in a $1 million fine and the requirement to destroy all NFTs.
Google will allow games featuring nonfungible tokens (NFTs) to advertise on its platform, a developer stole $1 million from the Milady NFT collection, CNA Insurance excludes NFT coverage from a $20-million policy, the metaverse is popular in Asian markets, and Binance ends support for Polygon-based NFTs.
Mainstream media outlet Rolling Stone has claimed that 95% of nonfungible tokens (NFTs) have no value, according to a study by DappGambl, although some community members believe that the narrative may change in the future.