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    Home » SEC Reportedly Investigating Whether Some NFTs Are Functioning as Securities
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    SEC Reportedly Investigating Whether Some NFTs Are Functioning as Securities

    March 3, 20222 Mins Read
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    The US Securities and Exchange Commission is probing whether some non-fungible tokens are functioning as securities and escaping its eyes illegally.

    • The regulator is said to have sent enforcement officials consisting of lawyers to conduct the probe which touches NFT creators and crypto exchanges where they trade.
    • SEC focus will be on whether certain NFTs used to denote ownership of things such as painting and sports memorabilia can be used for financing like traditional assets.
    • The regulator will seek more disclosure on the so-called fractional NFTs, which can be split into smaller units for easy buying and selling.
    • The SEC inquiry happens even as some NFT marketplaces defend the sector saying they should not be subjected to the same rules as equities. 
    • The move by SEC seeks to further ensure that the crypto market follows the regulations. In February, BlockFi was fined a record $100 million fine for failing to register products that pay its clients high interest fees for lending digital tokens.

    NFTs grew in popularity last year, with up to $44 billion worth of crypto tied to the asset class exchanged on the Ethereum smart contracts, an increase from $106 million the previous year.

    ETHUSD is down -1.89%

    Source: Bloomberg

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