Impact Theory, a California-based media company, raked in nearly $30 million selling three tiers of NFT offerings the SEC deemed to be securities, according to a Monday statement from the markets regulator. The NFTs qualify as securities because Impact Theory’s team promised investors would profit off the collectibles, touting their “tremendous value,” according to an SEC order. Source
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The SEC is set to make imminent rulings on Bitcoin ETF applications from five firms, with decisions expected before the Labor Day weekend. A cluster of filings for Bitcoin (BTC) exchange-traded funds (ETF) sits on the desk of the U.S. Securities and Exchange Commission (SEC), with decisions expected imminently—before the onset of the Labor Day holiday next week. Among the applicants are high-profile financial firms like Bitwise, BlackRock, VanEck, WisdomTree, and Invesco. Bitwise’s submission is slated…
Fineqia International’s Matteo Greco comments on Bittrex’s $24 million SEC settlement, drawing parallels with ongoing cases involving crypto giants Coinbase and Binance. Bittrex’s recent $24 million agreement with the SEC mirrors the one currently involving Coinbase and Binance, according to Fineqia International’s Matteo Greco. In two separate lawsuits, the SEC alleges that both Coinbase and Binance broke securities laws. Greco offers his take on how each company should proceed and whether the Ripple Labs outcome bodes well for the two crypto exchanges. Bittrex resolved charges that it was offering U.S.…
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…
The United States Securities and Exchange Commission (SEC) has charged a media and entertainment company with conducting unregistered securities sales when it sold nonfungible tokens (NFTs) to investors between October and December 2021. Impact Theory, a Los Angeles-based company that produces entertainment and educational content, including several podcasts, allegedly raised almost $30 million through the sales of NFTs it called Founder’s Keys, which were offered in three tiers. The company “encouraged potential investors to view the purchase of a Founder’s Key as an investment into the business,” according to the…
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied An undisclosed SEC memo, spotlighted in a recent Twitter discussion, questions the agency’s initial stance on XRP’s classification, complicating Ripple’s ongoing legal battle. Bill Morgan highlighted a memo discussing the SEC’s internal views on XRP’s security status. John Deaton, in his response, clarified that the memo didn’t label XRP as a non-security but indicated no enforcement recommendations, suggesting the SEC didn’t initially view XRP as a security. To be clear, I didn’t say the memo concluded…
Judge Analisa Torres will likely reject the U.S. Securities and Exchange Commission’s (SEC) interlocutory appeal, according to attorney John Deaton. Speaking at the first annual onXDC Live blockchain conference held in Texas, Deaton — founder of Crypto-Law.us and managing partner of the Deaton Law Firm — claimed the SEC had not actually appealed against the ruling that favored Ripple’s XRP. According to Deaton, Torres, who ruled that XRP is not a security if sold on secondary markets, has only allowed the regulator to file a motion for an interlocutory appeal.…
The United States Securities and Exchange Commission (SEC) is charging John A. DeSalvo for his alleged involvement in a crypto scam. John A. DeSalvo, a former lieutenant at the New Jersey Department of Corrections, is said to have created a crypto scam targeting fellow police officers. According to information provided by the SEC, DeSalvo raised nearly $623,388 from 222 investors. Gurbir S. Grewal, director of the SEC’s Division of Enforcement, said: “We allege that DeSalvo orchestrated several fraudulent investment schemes that targeted law enforcement personnel and promised astronomical returns, including…
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied In a recent interview, Charles Hoskinson confirmed that the United States Securities and Exchange Commission (SEC) has no plans to take action against Cardano. This news was reassuring and is amid the uncertainty in the crypto regulatory landscape. Regulations surrounding crypto have sparked extensive discussions and speculations. As various projects, including exchanges like Binance and Coinbase, are scrutinized, investors and enthusiasts are actively seeking clarity on how specific digital assets, including ADA, are being approached by…
On Episode 27 of Hashing It Out, CoinRoutes CEO Dave Weisberger joins host Elisha Owusu Akyaw (also known as GhCryptoGuy) to discuss the current state of cryptocurrency regulation in the United States. Weisberger explains how the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) approach regulations and what they mean for the fast-evolving cryptocurrency space. Weisberger addresses the state of regulation at the start of the podcast. According to him, the problem in the United States stems from a lack of clear regulations and rules, leading…