The SEC has charged Impact Theory with 'conducting an unregistered offering of crypto asset securities,' the agency said in a statement.
a Los Angeles-based podcasting studio on Monday over"conducting an unregistered offering of crypto asset securities," marking the agency's first enforcement action involving an NFT project.
Impact Theory will destroy Founders Keys NFTs in its"possession or control," in addition to posting a notice on its website and across its social media channels, the SEC added. The SEC uses the Howey Test, a 1946 U.S. Supreme Court case, to help determine whether transactions are investment contracts and subject to securities laws.
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