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.
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.
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 Securities and Exchange Commission charged Stoner Cats 2 LLC with conducting an unregistered offering of crypto asset securities through NFTs, raising approximately $8 million from investors for an animated web series.
Stoner Cats, the animated series that was exclusive to NFT holders, has agreed to a cease-and-desist order from the SEC after conducting an unregistered offering of NFTs as crypto-asset securities.
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.
