Gary Gensler's SEC is going after NFT sales from 2021. What's the point?

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.

fortune.com

Relevant topic timeline:

8/28/2023

SEC.gov

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.

8/28/2023

For the first time, the SEC has charged an NFT project with selling unregistered securities

The US Securities and Exchange Commission (SEC) has taken its first enforcement action against a company for selling unregistered securities in the form of non-fungible tokens (NFTs), with Impact Theory settling with the SEC for over $6.1 million and decommissioning its Founder's Key NFTs.

8/29/2023

Crypto lawyer about SEC: ‘Problematic to imply all NFTs are securities’

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.

9/13/2023

SEC Fines Stoner Cats NFT Project $1 Million, Orders Destruction of NFTs for Acting as Unregistered Securities

The Securities and Exchange Commission (SEC) has declared the Stoner Cats NFTs as unregistered securities, leading to the company paying fines and destroying all NFTs in its possession, which could have far-reaching consequences for the industry as a whole. The NFTs were intended to fund an animated web series and offered as an investment opportunity, with the SEC raising concerns about the NFTs' royalties and their implications for other NFT projects. SEC Commissioners Hester Peirce and Mark Uyeda dissented from the enforcement action, suggesting that clearer guidelines are needed for artists.

9/13/2023

SEC Charges Mila Kunis and Ashton Kutcher's 'Stoner Cats' NFTs as Unregistered Securities, Project Pays $1M Fine

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.

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Posted 8/29/2023, 1:31:00 PM

Gary Gensler's SEC is going after NFT sales from 2021. What's the point?

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.

fortune.com

Relevant topic timeline:

8/28/2023

SEC.gov

8/28/2023

For the first time, the SEC has charged an NFT project with selling unregistered securities

8/29/2023

Crypto lawyer about SEC: ‘Problematic to imply all NFTs are securities’

9/13/2023

SEC Fines Stoner Cats NFT Project $1 Million, Orders Destruction of NFTs for Acting as Unregistered Securities

9/13/2023

SEC Charges Mila Kunis and Ashton Kutcher's 'Stoner Cats' NFTs as Unregistered Securities, Project Pays $1M Fine

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.