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SEC’s Hester Peirce Blasts Agency’s First NFT Lawsuit, Says Enforcement Action Raises Many Difficult Questions - The Daily Hodl

Two commissioners at the U.S. Securities and Exchange Commission (SEC) are critical of the agency's recent charges against Impact Theory for allegedly offering unregistered securities in the form of NFTs, arguing that the NFTs in question did not function as investment contracts and did not offer dividends to purchasers. The commissioners raise questions about the appropriateness of applying securities laws to NFTs and the implications of requiring the destruction of NFTs representing unique digital art or music.

dailyhodl.com
Relevant topic timeline:
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.
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.
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.
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.
Gary Gensler’s Crypto Approach Likely Won’t Be Slowed By The Courts
The Securities and Exchange Commission (SEC) may have suffered setbacks in its regulation-by-enforcement approach to the cryptocurrency industry, with the latest ruling in favor of Grayscale Investments potentially paving the way for the emergence of a bitcoin spot exchange-traded fund (ETF); however, the SEC could appeal the decision or find new ways to deny similar applications, and the lack of a regulated exchange for the bitcoin spot market remains a challenge. Despite court challenges, SEC Chair Gary Gensler is expected to continue pursuing his regulation tactics, while Congress and a potential Republican president in 2024 may play a role in shaping the regulatory environment for digital assets.
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.
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).
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.