GM Brew Crew, is it someone’s birthday because we are surrounded with green candles from the market this morning!

LET’S DIVE IN ⬇️

On the menu today:

• 👀 SEC’S NEW TARGET = NFT PROJECTS

• ⏳ LONG-TERM BITCOIN SUPPLY IS STAYING PUT

• 🚨 GRAYSCALE WINS SEC LAWSUIT

Today’s Charts:

👀 SEC’S NEW TARGET = NFT PROJECTS

The SEC has taken its first enforcement action related to non-fungible tokens (NFTs), targeting a Los Angeles-based company named Impact Theory for selling unregistered securities.

The SEC ruled that Impact Theory's NFTs were sold as illegal unregistered securities offerings, leading to a requirement for the company to compensate investors who purchased these NFTs.

California's Impact Theory media company earned approximately $30 million from selling NFTs. The SEC labeled three tiers of these NFTs as securities due to the company’s claims of profitability.

The SEC order highlights that Impact Theory encouraged investors to view the purchase of a "Founder's Key" NFT as an investment in the company's success, indicating potential profits from their purchases.

The enforcement action signifies the SEC's initial move to address issues surrounding NFTs in terms of regulatory compliance.

⏳ LONG-TERM BITCOIN SUPPLY IS STAYING PUT