In a significant move underscoring the evolving regulatory landscape surrounding cryptocurrencies, the US Securities and Exchange Commission (SEC) has turned its attention to the Non-Fungible Tokens (NFTs) market, initiating legal action against media and entertainment company Impact Theory.

The SEC alleges that Impact Theory conducted an unregistered offering of crypto asset securities as Non-Fungible Tokens, raising approximately $30 million from hundreds of investors, including those across the United States.

Impact Theory Faces SEC Lawsuit Over Unregistered NFTs Offering

According to the SEC’s order, Impact Theory introduced three tiers of NFTs, known as Founder’s Keys, labeled as “Legendary,” “Heroic,” and “Relentless,” between October and December 2021. 

The order reveals …