In a first, the SEC says NFTs offered by an L.A.-based entertainment firm are securities. Here’s how that could ripple throughout the industry
Gary Gensler, chair of the Securities and Exchange Commission. Andrew Harrer—Getty Images In an enforcement action announced on Monday, the Securities and Exchange Commission charged Los Angeles–based entertainment company Impact Theory with conducting an unregistered offering of securities via non-fungible tokens, or NFTs . As the SEC expands its definition of which types of crypto assets qualify as securities, the case breaks new ground by determining that NFTs fall under the agency’s jurisdiction....