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View in browser SEC Charges Impact Theory for Unregistered NFT Securities On August 29, 2023, the U.S. Securities and Exchange Commission (SEC) made a significant move by announcing its first-ever enforcement action against an NFT project. Impact Theory, a media company, was the subject of this action due to its sale of unregistered NFT securities. The SEC's enforcement action stemmed from Impact Theory's sale of NFTs known as "Founder's Keys" in 2021. These NFTs were marketed with ambitious claims, including being the "next Disney," and investors were told they could expect significant returns on their purchases, essentially framing these NFTs as investment opportunities. Impact Theory reportedly raised $30 million through these NFT sales. However, the SEC deemed these tokens to be unlicensed securities, leading to a cease-and-desist order against the company. As part of the settlement, Impact Theory agreed to pay $6.1 million in penalties and committed to destroying all remaining NFTs within its control. Furthermore, the company will eliminate any royalties it may have received from secondary market NFT sales. This enforcement action raises questions about how the SEC views NFTs within the broader regulatory framework. While some NFT projects position their tokens as collectibles or membership tickets, Impact Theory's marketing of the Founder's Keys as investments led to regulatory scrutiny. It's essential to note that not all NFTs are considered securities by the SEC, and the decision to classify them as such appears to hinge on how they are marketed and whether they offer the promise of financial returns. Projects like NBA Top Shot, for example, position their NFTs as collectibles rather than investment opportunities. The Impact Theory case has sparked discussions about the regulatory environment surrounding NFTs. Some believe this is part of the SEC's broader strategy to exert control over crypto-related activities. The future regulatory landscape for NFTs remains uncertain, with questions about which regulatory bodies will oversee this emerging asset class and what kind of guidance will be issued. As this enforcement action unfolds, the crypto community will be closely watching for further developments and potential regulatory actions against other NFT projects. Thank you for being a member of Cointiply 🫶🏻Here's a code for 100 coins Introducing...Cointiply merch! Cointiply Merch Launch Show your support of Cointiply through our new hoodies, t-shirts, beanies, baseball hats, and mugs. Enjoy free, worldwide shipping on all Cointiply merch orders. Plus- spend $20, and get a free Cointiply sticker with your purchase! Shop NOW! We're on TikTok! Did you know Cointiply's on TikTok? Cointiply has taken the plunge into TikTok. Be a part of our journey as we break down crypto into bite-sized, fun, and engaging content. Dive into the crypto wave with us!  And who knows? Maybe you'll be able to snag a promo code there, too! Follow us on TikTok Free Download on the Google Play Store The Cointiply App Install the latest version of the Cointiply Android app and unlock even more earning opportunities. Download here Popular Offer Walls of the Week Bit Labs (20% BONUS!) **20% INSTANT BONUS ENDS TODAY** Surveys, apps, tasks available in all countries Updated with new surveys daily Offering 1,000 to 25,000 coins per survey Theorem Reach Surveys available in all countries Updated with new surveys daily Offering 1,000 to 25,000 coins per survey ⏰ Time left in Bit Labs 20% Instant Bonus: Days Hours Minutes Seconds Exclusive Promo Code for 100 Coins 💥"NFT"💸 Cointiply (3DAH) PO Box 859, Durham New Hampshire 03824 United States This email has been sent because you have opted in to receiving periodic emails on your Cointiply account. You can change your mail settings at any time by logging in to your Cointiply account. Unsubscribe