The U.S. Securities and Exchange Commission’s now-settled claim that a media company raised nearly $30 million through unregistered crypto asset securities has added complexity and fomented uncertainty regarding the advice attorneys can provide clients regarding the regulatory landscape for non-fungible tokens.
The SEC’s claim against Impact Theory LLC “adds a layer of complexity and caution to the burgeoning field of NFTs in the business world, requiring brands to be more meticulous in how they position and offer NFTs to the public,” said Lara Gatz, a partner in Reed Smith’s regulatory and investigations practice group.
