On Aug. 28, 2023, the U.S. Securities and Exchange Commission (SEC) brought its first non-fungible token (NFT) enforcement action. In that action, the SEC charged Impact Theory, a media and entertainment company headquartered in Los Angeles, with conducting an unregistered offering of crypto asset securities in the form of NFTs, which Impact Theory called “KeyNFTs.”

Two of the SEC’s Commissioners, Hester Peirce and Mark Uyeda, dissented from the SEC’s decision to initiate an enforcement action on a variety of grounds, including that the KeyNFTs were not investment contracts and therefore were not securities.

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