Two SEC Commissioners Dissent Against Agency’s Enforcement Action on NFT
Two prominent commissioners at the US Securities and Exchange Commission (SEC), Mark Uyeda and Hester Peirce, have expressed their disagreement with the agency’s enforcement action on Non-Fungible Tokens (NFT). They disagree with the SEC’s classification of certain NFT sales as securities and call for a deeper examination of the issues surrounding NFTs. The recent legal proceedings against Impact Theory resulted in a cease-and-desist order and a substantial financial penalty. However, commissioners Uyeda and Peirce argue that the statements made by the company and purchasers did not meet the criteria for an investment contract. They also question the applicability of securities laws to NFTs and call for more explicit guidance on the matter. This case highlights the need for regulatory clarity and proactive guidance in the NFT space.
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