On Monday, the United States Securities and Exchange Commission (SEC) announced its first-ever enforcement action over the sale of NFTs, fining a Los Angeles-based media company $6 million for selling illegally unregistered securities. But does the action signal an impending crackdown against a broader array of NFT projects?

The facts of the case weren’t exactly ambiguous: The fined company, Impact Theory, told potential NFT buyers that “if you’re paying 1.5 [ETH], you’re going to get some massive amount more than that” once the company became “the next Disney.”

However, Monday’s news does leave much in question about the regulatory fate of the multi-billion-dollar NFT industry, which until this week had avoided the ire of the SEC’s crypto-allergic chairman, Gary Gensler.

Following a pattern now typical for its crypto-related cases, the SEC’s announcement Monday was quickly followed by a vocal rebuke from the five-seat Commission’s Republican minority. SEC Commissioners Hester Peirce and Mark Uyeda lambasted their chairman for attempting to assert dominion over the NFT market, which largely consists of digital collectibles and artwork.

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Author: Sander Lutz

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