Impact Theory Pays $6 Million Settlement for Unregistered NFT Securities

2023/08/28 16:26

Impact Theory, a Los Angeles-based media company co-founded by Tom Bilyeu, has agreed to pay a $6 million settlement to the SEC after the regulator alleged that its NFTs were unregistered securities. Impact Theory raised approximately $30 million from investors by promoting the NFTs as a direct investment opportunity in the company, and that the NFTs are security investment contracts. As part of the settlement, a Fair Fund will be set up to return funds to affected investors, and the company must publicize the order on their online platforms.

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