SEC charges Impact Theory over unregistered NFT securities offering
The SEC has charged Impact Theory for an unregistered NFT offering , marking its first enforcement action in the NFT sector. The Securities and Exchange Commission (SEC) charged Impact Theory, LLC on Aug. 28, a Los Angeles-based media and entertainment company, for conducting an unregistered offering of crypto asset securities in the form of non-fungible tokens (NFTs). This enforcement action represents a milestone as the first of its kind involving an NFT initiative by the SEC. Impact Theory, co-founded by YouTube and podcast host Tom Bilyeu, raised approximately $30 million from hundreds of investors across the United States through this offering. Today we charged Impact Theory LLC, a media and entertainment company headquartered in Los Angeles, with conducting an unregistered offering of crypto asset securities in the form of purported NFTs. Impact Theory raised approximately $30 million from hundreds of investors. — U.S. Securities and Exchange Commission (@SECGov) Au...