U.S. regulators ordered a Los Angeles-based company that issued non-fungible tokens to compensate investors who bought the NFTs, arguing that the transactions were illegal unregistered securities offerings. It was the U.S. Securities and Exchange Commission’s first NFT-related enforcement action. The SEC’s findings do not suggest regulators consider all NFTs to be securities, limiting the potential consequences of the action. 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. Impact Theory has agreed to set up a fund to reimburse investors.
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