{"id":353301,"date":"2023-08-28T19:00:12","date_gmt":"2023-08-28T18:00:12","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=353301"},"modified":"2023-08-28T18:12:04","modified_gmt":"2023-08-28T17:12:04","slug":"sec-charges-impact-theory-expanding-enforcement-actions-to-nft-market","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/sec-charges-impact-theory-expanding-enforcement-actions-to-nft-market\/","title":{"rendered":"SEC charges Impact Theory for &#8216;unregistered NFT offering,&#8217; expanding enforcement actions to NFT market"},"content":{"rendered":"<div id=\"messages\" class=\"bg-gray-100 overflow-auto h-96 min-h-full mb-2 p-2 border-2 border-gray-300 rounded-sm\">\n<div class=\"message-container gpt-4-message p-5 m-5 bg-[#e7e7e7] shadow-md\">\n<p>The Securities and Exchange Commission (SEC) charged LA-based media and entertainment firm Impact Theory with conducting an unregistered offering of crypto asset securities in the form of non-fungible tokens (NFTs). According to an <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-163\">official press release<\/a>\u00a0by the SEC, the company raised approximately $30 million from hundreds of investors through their offering, violating federal securities laws.<\/p>\n<p>The regulatory landscape around NFTs has been of increasing interest to the SEC. As\u00a0 <em><a href=\"https:\/\/cryptoslate.com\/sec-to-look-at-possible-securities-violations-in-nft-market\/\">CryptoSlate<\/a><\/em> reported in March 2022, the SEC had begun investigating NFT marketplaces and creators for possible breaches of its securities rules. The focus was mainly on the use of fractionalized NFTs, which was seen as a way to sell unregistered securities. Now, the SEC's charges against Impact Theory appear to be a concrete manifestation of those regulatory concerns.<\/p>\n<p>As the SEC order details, Impact Theory sold three tiers of NFTs, named &#8220;Founder's Keys,&#8221; from October to December 2021. They included &#8220;Legendary,&#8221; &#8220;Heroic,&#8221; and &#8220;Relentless&#8221; tiers. The company projected the purchase of a Founder's Key as an investment into the business, emphasizing its ambition to &#8220;build the next Disney.&#8221; However, the SEC has found that these NFTs, marketed to investors as investment contracts, were securities. Without a valid exemption, offering such securities must be registered, providing investors with necessary disclosures and safeguards.<\/p>\n<p>The regulatory approach of treating NFTs as securities contrasts with the stance of some European regulators. For instance, the German Financial Supervisory Authority, BaFin, declared in March 2023 that\u00a0<a href=\"https:\/\/cryptoslate.com\/nfts-vs-securities-the-battle-for-regulatory-classification-in-the-crypto-world\/\">NFTs do not qualify as securities<\/a>. Despite the varied regulatory perspectives, it's clear that the classification and regulation of NFTs and other crypto assets will remain a challenging issue globally.<\/p>\n<p>On accepting the SEC's findings, Impact Theory agreed to measures including a cease-and-desist order, paying over $6.1 million in penalties and interest, and establishing a Fair Fund to return the money to investors. They also agreed to eliminate any future royalty from secondary market transactions involving the Founder's Keys.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Securities and Exchange Commission (SEC) charged LA-based media and entertainment firm Impact Theory with conducting an unregistered offering of crypto asset securities in the form of non-fungible tokens (NFTs). According to an official press release\u00a0by the SEC, the company raised approximately $30 million from hundreds of investors through their offering, violating federal securities laws. [&hellip;]<\/p>\n","protected":false},"author":1419,"featured_media":353308,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77968,11],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEC charges Impact Theory for &#039;unregistered NFT offering,&#039; expanding enforcement actions to NFT market<\/title>\n<meta name=\"description\" content=\"The SEC charged the LA-based media firm with the &#039;unregistered offering of NFTs,&#039; a new development in its ongoing crypto crackdown.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/sec-charges-impact-theory-expanding-enforcement-actions-to-nft-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC charges Impact Theory for &#039;unregistered NFT offering,&#039; expanding enforcement actions to NFT market\" \/>\n<meta property=\"og:description\" content=\"The SEC charged the LA-based media firm with the &#039;unregistered offering of NFTs,&#039; a new development in its ongoing crypto crackdown.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/sec-charges-impact-theory-expanding-enforcement-actions-to-nft-market\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-28T18:00:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-28T17:12:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/08\/sec-nft.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jacob Oliver\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jacob Oliver\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/sec-charges-impact-theory-expanding-enforcement-actions-to-nft-market\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/sec-charges-impact-theory-expanding-enforcement-actions-to-nft-market\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jacob-oliver\/#person\",\"name\":\"Jacob Oliver\",\"url\":\"https:\/\/cryptoslate.com\/author\/jacob-oliver\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/jacob-oliver\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jacob-oliver\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/jacob-oliver-editor-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/jacob-oliver-editor-300x300.jpg\",\"caption\":\"Jacob Oliver\"},\"jobTitle\":\"Former Editor\",\"description\":\"Jacob Oliver is a recovering academic and English teacher turned crypto journalist and web3 writer. 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