U.S. Securities and Exchange Commission seal in Washington. Photo: Diego M. Radzinschi/ALM SEC's Enforcement Action Adds Complexity, Uncertainty to Crypto Industry, Attorneys Say
"Lawyers are giving clients the best advice at the moment without the benefit of a crystal ball," said regulatory attorney Lara Gatz.
August 31, 2023 at 06:05 PM
4 minute read
The U.S. Securities and Exchange Commission's now-settled claim that a media company raised nearly $30 million through unregistered crypto asset securities has added complexity and fomented uncertainty regarding the advice attorneys can provide clients regarding the regulatory landscape for non-fungible tokens.
The SEC's claim against Impact Theory LLC "adds a layer of complexity and caution to the burgeoning field of NFTs in the business world, requiring brands to be more meticulous in how they position and offer NFTs to the public," said Lara Gatz, a partner in Reed Smith's regulatory and investigations practice group.
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