Yesterday, the U.S. Securities and Exchange Commission (SEC) announced a settlement with media company Impact Theory which raised almost $30 million from the sale of Founder’s Key NFTs in 2021. Using the notorious Howey Test, the SEC considered the NFTs as securities. However, two commissioners disagree with the Howey analysis and believe there are larger issues around NFTs.
Impact Theory is a content provider that publishes weekly interviews with high profile people to help viewers develop “an empowering mindset.”
The dissenting commissioners, Hester Peirce and Mark Uyeda understand some of the SEC’s concerns such as a purchaser’s observation that “Buying a founders key is [l]ike investing in Disney, Call of Duty, and YouTube all at once.”
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