The U.S. Securities and Exchange Commission (SEC) has accused Impact Theory LLC of Los Angeles of selling non-interchangeable tokens in 2021, calling them unregistered securities.
According to an SEC press release, between October and December 2021, Impact Theory, an entertainment company, offered users NFTs from a collection of Founders Keys that were categorized as Legendary, Heroic and Relentless. The company has raised about $30 million from several hundred U.S. investors.
The regulator alleges that Impact Theory encouraged potential investors to buy Founder’s Key collectible tokens by promising them profits. The office emphasized that the NFTs sold to investors were investment contracts