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SEC takes first NFT-related enforcement action, orders compensation for investors

U.S. regulators have taken their first enforcement action related to non-fungible tokens (NFTs), ordering a Los Angeles-based company, Impact Theory, to compensate investors who bought NFTs that were deemed illegal unregistered securities offerings. The U.S. Securities and Exchange Commission (SEC) found that Impact Theory’s NFTs qualified as securities due to promises made to investors of potential profits from the collectibles. Impact Theory, which raised nearly $30 million from the sale of NFTs, will establish a fund to reimburse investors and destroy the remaining NFTs in its possession. The company will also pay over $6.1 million in penalties to federal regulators. The SEC’s action is specific to this case and does not categorise all NFTs as securities.

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