#NFTs Are Securities, SEC Alleges Podcast firm Impact Theory agreed to a cease and desist order and to pay a $6.1 million fine to settle Securities and Exchange Commission charges that it offered and sold unregistered securities in the form of NFTs. The settlement marks the first SEC enforcement action alleging that digital collectibles are securities, and signals the potential for a broader regulatory crackdown on NFTs. Investors have previously filed several private lawsuits alleging that NFTs were offered and and sold as securities, most notably a case in New York that alleges Dapper Labs’ NBA Top Shot NFTs are securities. The SEC alleged that Impact Theory’s $30 million in sales of its NFTs, called Founder’s Keys, were unregistered securities offerings because it marketed the NFTs as investments into the business and said investors would profit if the business is successful. Impact Theory agreed to the settlement without admitting or denying the SEC’s charges. It will also return funds to investors who bought the NFTs and destroy any outstanding NFTs in its possession. https://www.theinformatio.. #Crypto #NFTs