SEC Alleges NFTs Are Securities In Two Recent Enforcement Actions
It’s September 2023, and the SEC has come for NFTs. Last month, the SEC announced a $6 million settlement with Impact Theory LLC in connection with its unregistered offering and sale of NFTs in which it raised approximately $30 million for the development of its media business. On September 13th, the SEC fined SC2, the entity behind the popular and […]
Texas Court Upholds Sanctions Against Tornado Cash
In a case challenging the sanctions levied against Tornado Cash in the U.S. District Court for the Western District of Texas, Judge Robert Pitman sided with the Department of Treasury. His Order entered on August 17, 2023, grants the Department of Treasury and OFAC’s cross-motion for summary judgment, upholding the prohibition on American citizens’ use […]
The Ripple Effect: Four Key Takeaways from Ripple’s Win Against the SEC
By: Rick Tapia, Andrew Bull, and Tyler Harttraft In a landmark decision on July 13, 2023, U.S. District Judge Analisa Torres of the U.S. District Court of the Southern District of New York brought a semblance of regulatory clarity for the blockchain industry.[1] The case, initiated by the Securities and Exchange Commission (“SEC”), centers around […]
SEC Sues Coinbase: Summary and Takeaways
On June 6, 2023, the SEC filed a complaint in the Southern District of New York against Coinbase, Inc. (Coinbase), and Coinbase Global, Inc. (CGI), alleging a number of violations of the US federal securities laws (the Coinbase Complaint)[1] that are substantially similar to those alleged in the complaint filed just one day prior against Binance. […]