SEC brought its first non-fungible token enforcement action

Re:SEC brought its first non-fungible token enforcement action by qeternity on Monday August 28, 2023 @05:35PM (#37300694)

> “Buying a founders key is [l]ike investing in Disney, Call of Duty, and YouTube all at once.”

The dissent even quotes Impact Theory's framing of the NFTs as an investment.

Given everything else, this is a pretty vanilla Howey test: they were selling shares with jpegs attached.

> Even if the NFT sales here fit squarely within Howey, is this set of facts one that warrants an enforcement action?

This dissent is really about the nature of enforcement, not whether these were unregistered securities.

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Re:SEC brought its first non-fungible token enforcement action by yieldcrv on Monday August 28, 2023 @05:48PM (#37300830)

You’re right, I agree, I’m more so glad that they are willing to use this as a place to point out other unanswered questions and incongruencies in SEC actions

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