News & Analysis as of

Non-Fungible Tokens (NFTs) Cryptoassets Investment Contract

Latham & Watkins LLP

SEC Reels in Fishy NFT Project

Latham & Watkins LLP on

In its third action involving NFTs, the SEC targets a restaurant membership token tied to fundraising and promises of potential price appreciation for buyers....more

Barnea Jaffa Lande & Co.

SEC Signals Intent to Regulate NFTs

Barnea Jaffa Lande & Co. on

This past August, the US Securities and Exchange Commission took enforcement action against Impact Theory, a US media company that sold NFTs called “KeyNFTs.” It filed a second enforcement action shortly thereafter, against...more

Jones Day

SEC Brings Its First Enforcement Action Against Non-Fungible Token Sellers

Jones Day on

Two SEC commissioners dissented and urged the Commission to provide further guidance on non-fungible tokens ("NFTs")....more

Mayer Brown Free Writings + Perspectives

For the First Time, the US SEC Sanctions an NFT Issuer for Selling Unregistered Securities in SEC v. Impact Theory

In a published settlement of the charges on August 28, 2023, the US Securities and Exchange Commission (“SEC”) stated that non-fungible tokens (“NFTs”) issued by Impact Theory, LLC (“Impact”) were “securities” under US...more

Ballard Spahr LLP

SEC Finds NFT to Be a Security in Landmark Action

Ballard Spahr LLP on

Summary - The SEC’s focus on the crypto industry expanded this week to include non-fungible tokens (NFTs). In its first NFT-enforcement action, the SEC settled with Impact Theory, a media and entertainment company, over...more

Latham & Watkins LLP

Digital Asset Market Structure Bill Seeks to Fill US Regulatory Gaps

Latham & Watkins LLP on

The proposed bill sets forth a comprehensive framework for the digital asset ecosystem by bridging regulatory gaps, promoting innovation, and protecting consumers. On June 2, 2023, Patrick McHenry, Chairman of the House...more

BakerHostetler

U.S. District Court Signals That In Certain Cases, NFTs May Qualify as Securities

BakerHostetler on

Dapper Labs was founded in 2018 shortly after the debut of its first NFT collection, “CryptoKitties,” which was so successful it created a bottleneck of transactions on the decentralized Ethereum Network. Seeking faster...more

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