On Aug. 28, 2023, the Securities and Exchange Commission (Commission) charged Impact Theory, LLC, a media and entertainment company, with violating Sections 5(a) and 5(c) of the Securities Act of 1933. These allegations stem from the alleged sale of around $29.9 million worth of crypto assets in the form of non-fungible tokens referred to as Founder’s
Since the early days of the launch of the Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs), several celebrities have promoted the NFTs. On Dec. 8, 2022, plaintiffs Adonis Real and Adam Titcher brought a lawsuit against Yuga Labs, creators of the BAYC, alleging that Yuga Labs was involved in a scheme with the “highly
The Washington state Department of Revenue (WDOR) in July 2022 published detailed guidance on the sales tax consequences of non-fungible token (NFT) sales, the first such guidance in the United States, and other state tax agencies may be eyeing how they too may capture NFT sales tax. Washington’s sales tax law already covers the
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What is blockchain? What is cryptocurrency? Non-fungible tokens? This short overview seeks to answer these questions in simple and relatable terms.
The digital asset and blockchain sector in 2021 saw exponential growth and adoption fueled by stablecoins, non-fungible tokens (NFTs), decentralized finance (DeFi), and decentralized autonomous organizations (DAOs). Headed into 2022, market participants await regulatory proposals amid increased calls for oversight of this burgeoning industry. This GT Alert discusses six areas that are top-of-mind.