* Our Parent Company Crypto Token is LIVE!!! *Flag Token

SEC scrutinizes NFT market over potentially illegal crypto token offerings

Date:

Share post:

The U.S. Securities and Exchange Commission is scrutinizing creators of nonfungible tokens and the crypto exchanges where they trade to determine whether some of the assets run afoul of the agency’s rules, according to people familiar with the matter.

A focus of the inquiry is on whether certain NFTs, digital assets that can be used to denote ownership of things such as paintings or sports memorabilia, are being utilized to raise money like traditional securities, the people said. Over the last several months, attorneys in the SEC’s enforcement unit have sent subpoenas demanding information about the token offerings.

The inquiry is the latest attempt by the SEC under Chair Gary Gensler to ensure the crypto market adheres to its regulations. In February, the commission and state regulators levied a record $100-million fine against BlockFi, a popular virtual-currency exchange, for failing to register products that pay customers high interest rates to lend out their digital tokens.

As part of its review, the SEC is seeking information on so-called fractional NFTs, which involve…

Read more…

Related articles

Uniswap moves onwards and upwards as increasing dominance spills into this area

Uniswap’s NFT aggregator registered a sharp uptick in sales volume and active users. Native token UNI jumped by 3.61%...

Game Devs Surprisingly Skeptic About Blockchain and NFTs, Report Says

Vladislav Sopov State of Game Industry 2023 report by Game Developers Conference that kicks off in San Francisco in...

This Week in Coins: Ethereum Drops as Aptos, Axie, Avalanche See Big Gains

Bitcoin and Ethereum dipped on Friday, dashing hopes for the crypto market's fourth consecutive week of marketwide gains....

What’s Next for NFTs?

Stories from this week suggest that brand involvement and entertainment partnerships are likely paths forward. Read more...