The US SEC targets NFT and sends subpoenas to many people and companies
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Answer The US SEC targets NFT and sends subpoenas to many people and companies
Now the SEC is targeting NFT creators in an attempt to determine whether or not they are violating its rules and regulations.
The financial regulator is increasingly concerned about the use of NFT and some of its unregulated token offerings, according to Bloomberg.
Continuous review checks for non-replaceable icons, when they are broken down into smaller pieces so that the artwork or unique item can be owned by multiple people.
Over the past few months, the Securities and Exchange Commission (SEC) has sent subpoenas to NFT creators and several crypto companies and trading platforms to request more information, according to the report.
NFT in the spotlight:
Late last year, Hester Pierce, commissioner of the SEC, also known as the “mother of crypto,” warned that the regulator would turn its attention to non-fungible items, and said at the time:Read:Bitcoin price fluctuates and hovers around the $20 thousand level… Will it recover?
Due to the breadth of the NFT scene, certain parts of it may fall within our purview.
People need to think about the potential places where the NFT might be exposed to the securities regulatory system.
As with cryptocurrencies, the main concern of the SEC is whether the NFT can be classified and regulated as securities.
These assets refer to a fungible, tradable financial instrument that has some kind of monetary value.
The SEC applies the “Howey” test, which comes from a 1946 US Supreme Court decision, to determine if something is a security.
However, industry advocates generally argue that the regulations for stock markets should not also apply to cryptocurrencies or the NFT.
According to blockchain analytics firm Chainalysis, $44 billion worth of cryptocurrency was sent to NFT-based smart contracts on the Ethereum blockchain last year.
That number is up more than 40,000% from $106 million in 2020.
This means a significant increase in the value of NFT transactions, which has caught the attention of the SEC.
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