US SEC Commissioners Not Happy Over Impact Theory NFT Charges
A Matter of Overreach or Protection? The commission’s concerns were evident. Despite unclear prospects of use or profit, the enthusiasm with which people invested in the NFTs was alarming. However, the dissenting commissioners argued that the legitimate concerns don’t necessarily grant the US SEC jurisdiction. The promotional statements made by the company and its purchasers, they say, don’t align with promises typically seen in investment contracts. advertisement For context, according to the commissioners , when artists or manufacturers market tangible goods such as watches or art, promoting the potential of the brand’s value isn’t usually grounds for SEC scrutiny. The commissioners emphasized this distinction, arguing that the NFT scenario presented a similar case. Moreover, for registration violation cases, the usual remedy is an offer of rescission. Impact Theory had already proposed repurchase programs, compensating the...