TechFlow reported that SEC Commissioners Hester Peirce and Mark Uyeda have dissented from the agency's enforcement action treating NFT sales as securities. Earlier, the SEC charged Impact Theory with conducting an unregistered securities offering through NFTs, ordering the company to pay a $6.1 million penalty and cease its current business practices.
The two commissioners stated in their statement that the relevant NFT sale does not meet the Howey test, adding that the enforcement action pushes the SEC into unfamiliar territory, as it marks the first such enforcement against an NFT issuer. Hester Peirce noted that NFTs are not a single-use asset class and that different NFTs have diverse use cases, suggesting that the SEC may need new categories to determine how securities laws apply to offers and sales.
