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

The Securities and Exchange Commission (SEC) has charged Impact Theory, an entertainment company, with conducting an unregistered offering of securities through non-fungible tokens (NFTs), establishing that NFTs fall under the agency's jurisdiction.

fortune.com

Relevant topic timeline:

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.

8/29/2023

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.

8/31/2023

SEC Opens A New Can Of Worms With NFT Enforcement Action

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.

9/4/2023

Grayscale victory, SEC delays decision on Bitcoin ETFs: Law Decoded

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.

9/13/2023

SEC Fines Stoner Cats NFT Creators $1M for Illegal Securities Offering

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).

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 8/28/2023, 4:00:00 PM

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

fortune.com

Relevant topic timeline:

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’

8/29/2023

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.

8/31/2023

SEC Opens A New Can Of Worms With NFT Enforcement Action

9/4/2023

Grayscale victory, SEC delays decision on Bitcoin ETFs: Law Decoded

9/13/2023

SEC Fines Stoner Cats NFT Creators $1M for Illegal Securities Offering

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.