SEC charges Impact Theory for unregistered offering of NFTs
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Re: SEC charges Impact Theory for unregistered offering of NFTs
#2Here's a link to the actual SEC press release, not the dissent over the action by two of the commissioners:
Re: SEC charges Impact Theory for unregistered offering of NFTs
#3Its great to see commissioner Mark T Uyeda also dissenting, because for some time it was only Hester Pierce that would take these views on digital assets, and for her views to be elevated to head commissioner it requires a Republican President to make that nomination, as she is Republican.
There are many people that are not Republican that would aim to get her appointed and do whatever it takes. Which means casting a vote for a Republican Presidential candidate no matter who that is, simply because the power is imbued within that person.
Mark T Uyeda's existence as a Democrat makes this a lot simpler, for people that would find the above to be awkward, as Democrat leadership could also nominate him for head commissioner.
Bipartisan dissent is great.
It really isn't enough to just not like digital assets or the industry, to establish jurisdiction over them for enforcement.
Oh no people lost money.... because they couldn't resale a consumer product?
> We do not routinely bring enforcement actions against people that sell watches, paintings, or collectibles along with vague promises to build the brand and thus increase the resale value of those tangible items.
exactly, its either go after all of them until Congress rescinds the agency's charter completely with this outstanding application of Howey, or show the exact distinction that crypto asset creators can follow to act solely as a consumer product.
Re: SEC charges Impact Theory for unregistered offering of NFTs
#4The article doesn't really match the title. The SEC press release is much more informative: https://www.sec.gov/news/press-release/2023-163
What this article is linked to is a dissent from two of the commissioners.
Re: SEC charges Impact Theory for unregistered offering of NFTs
#5Here's a link to the actual SEC press release, not the dissent over the action by two of the commissioners: https://www.sec.gov/news/press-release/2023-163
@dang
Re: SEC charges Impact Theory for unregistered offering of NFTs
#6Finally addressing this other scammer portion of junk blockcoins et al. Long overdue.
Re: SEC charges Impact Theory for unregistered offering of NFTs
#7The concept of NFTs stored on a distributed ledger makes sense to me especially for the shitty games that sell skins.
The idea they have some sort of value and can be considered a security, doesn't really. It is no different than the current in-game marketplaces that sell/resell skins from whatever game has skins this week.
At what point does a thing you buy or sell become a security? Are baseball cards a security? Should my local baseball card shop be closed down as an unregistered securities broker?
I don't own crypto or NFTs, so maybe I'm just not informed enough?
Re: SEC charges Impact Theory for unregistered offering of NFTs
#8Its great to see commissioner Mark T Uyeda also dissenting, because for some time it was only Hester Pierce that would take these views on digital assets, and for her views to be elevated to head commissioner it requires a Republican President to make that nomination, as she is Republican. There are many people that are not Republican that would aim to get her appointed and do whatever it takes. Which means casting a…
I agree that the dissenters bring up a lot of good questions that need answering.
However, if you believe their fundamental argument that NFTs aren't really securities... what regulatory body should prevent this kind of behavior? Or should rug-pulls effectively be legal, and buyer beware?
Re: SEC charges Impact Theory for unregistered offering of NFTs
#9Its great to see commissioner Mark T Uyeda also dissenting, because for some time it was only Hester Pierce that would take these views on digital assets, and for her views to be elevated to head commissioner it requires a Republican President to make that nomination, as she is Republican. There are many people that are not Republican that would aim to get her appointed and do whatever it takes. Which means casting a…
Are SEC commissioner assignments explicitly partisan as are, for example, FCC commissioners, or are the less so like the Federal Reserve governors?
Re: SEC charges Impact Theory for unregistered offering of NFTs
#10The concept of NFTs stored on a distributed ledger makes sense to me especially for the shitty games that sell skins. The idea they have some sort of value and can be considered a security, doesn't really. It is no different than the current in-game marketplaces that sell/resell skins from whatever game has skins this week. At what point does a thing you buy or sell become a security? Are baseball cards a security? S…
It's a good question. I suppose it's possible that if your local baseball card store started marketing baseball cards as an investment, rather than a collectable, then they would land on the SEC's radar if they got big enough.