The SEC charges an entertainment company for selling illegal NFTs that are securities. The charges of the US Securities and Exchange Commission resume. Why? Read in this news.
Charge SEC to an entertainment company!
The US Securities and Exchange Commission has sued a media company for allegedly selling unregistered securities when selling NFTs to investors between October and December 2021. Impact Theory, a Los Angeles-based company that produces entertainment and educational content, including podcasts, has reportedly raised about $30 million through the sale of NFTs called Funders’ Keys. According to the SEC, the company encouraged potential investors to view the purchase of any of these NFTs as an investment in the business. The regulatory body has found that NFTs are investment contracts and securities that the company violated the law by selling them without permission. It goes without saying that the body responsible for legal conflicts with Ripple and the cryptocurrency industry has no specific time frame. For financial and legal files related to this institution.
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