Trump NFTs back in demand, SEC says NFT sales are unregistered securities: Nifty Newsletter
Welcome to the latest edition of Cointelegraph’s Nifty Newsletter. Keep reading to stay up-to-date with the latest stories on nonfungible tokens. Every Wednesday, the Nifty Newsletter informs and inspires you to dig deeper into the latest NFT trends and insights.
In this week’s newsletter, the United States Securities and Exchange Commission (SEC) registered its first unregistered securities sales claim against nonfungible token (NFT) offerings. An OpenSea manager accused of insider trading was sentenced to three months in prison and fined $50,000, and Trump NFT prices shot up after the former U.S. president’s mugshot went viral.
The SEC has charged a media and entertainment company with conducting unregistered securities sales when it sold NFTs to investors between October and December 2021.
Impact Theory, a Los Angeles-based company that produces entertainment and educational content, including several podcasts, allegedly raised almost $30 million through the sales of NFTs called Founder’s Keys, which were offered in three tiers.
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A federal judge has sentenced former OpenSea product manager Nathaniel Chastain to three months in prison for wire fraud and money laundering related to insider trading on the platform.
In an Aug. 22 announcement from the U.S. Department of Justice, U.S. Attorney Damian Williams said Chastain had been sentenced to three months in prison, three months of home confinement and three years of supervised release in addition to being ordered to pay a $50,000 fine and forfeit ill-gotten Ether (ETH) from the NFT trades. Inner City Press reported he would be required to surrender himself on Nov. 2, with Chastain’s lawyers planning to appeal the decision and request bail.
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