An entertainment company based in The Angels will have to pay more than six million dollars to the Commission of the United States Stock Market (SEC) for selling a collection of non-expendable tokens (NFTs) without having registered them.
“The NFTs offered and sold to investors were investment contracts and therefore securities. Meanwhile, Impact Theory (the company) violated federal securities law by offering these crypto assets to the public in an unregistered offering.”the regulator explained Monday in a statement.
The company, “without admitting or denying the SEC’s findings”agreed to pay more than US$6.1 million and to cease its activities related to the sale of these non-fungible tokens, in addition to establishing a fund to return their money to shareholders.
In the statement, the agency explains that Impact Theory began offering three types of NFTs in October 2021 under the pretext that it intended to “create the next Disney”, and assured investors that they would benefit greatly from buying them, something the SEC interprets as investment contracts.
According to The Wall Street Journal, this is the first time that the US Securities and Exchange Commission has taken action against the sale of NFTs, a type of cryptoactive that until now had been kept out of the reach of regulators.
In fact, two of the five SEC commissioners came out against the decision, releasing a separate statement saying that while they share their peers’ concerns about NFTs, simply ordering an offer to rescind would have sufficed. something the company in question has already done by offering an asset buyback program to its clients.
Source: EFE
Source: Gestion
Ricardo is a renowned author and journalist, known for his exceptional writing on top-news stories. He currently works as a writer at the 247 News Agency, where he is known for his ability to deliver breaking news and insightful analysis on the most pressing issues of the day.
