SEC Charges Impact Theory for Unregistered NFT Offering

• Robinhood holds over $3 billion in Bitcoin, ranking alongside Binance and Bitfinex’s biggest wallets.
• The SEC charges Impact Theory for ‘unregistered NFT offering’, expanding enforcement actions to the NFT market.
• Rep. Patrick McHenry calls proposed crypto tax rules an ‘attack on the digital asset ecosystem’.

Robinhood’s Big Bitcoin Wallet

Robinhood holds over $3 billion in Bitcoin, ranking alongside Binance and Bitfinex’s biggest wallets. Binance is mulling exiting the Russian market due potential regulations.

SEC Charges Impact Theory

The U.S. Securities and Exchange Commission (SEC) charged LA-based media and entertainment firm Impact Theory with conducting an unregistered offering of crypto asset securities in the form of non-fungible tokens (NFTs). The company raised approximately $30 million from hundreds of investors through their offering, which violates federal securities laws. The SEC’s investigation into NFT markets has been increasing as CryptoSlate reported in March 2022.

U.S Government Hits Bankman-Fried

The U.S government hit Bankman-Fried and attorneys with 4 million pages of discovery documents related to their alleged involvement in a fraudulent scheme involving cryptocurrency trading platform Coinseed Inc., according to a Reuters report on August 26, 2023.

Rep Patrick McHenry Calls Proposed Crypto Tax Rules Attack On Digital Asset Ecosystem

Rep Patrick McHenry, Republican leader on the House Financial Services Committee said that proposed crypto tax rules are an „attack on the digital asset ecosystem“ during a meeting with Treasury Secretary Janet Yellen earlier this month according to reports by Bloomberg on August 17th, 2023 . He also said that while regulation is necessary it must be balanced „so that we don’t stifle innovation“.

Conclusion

This article discussed Robinhood holding over $3 billion in Bitcoin, SEC charges Impact Theory for ‚unregistered NFT offering‘, US government hits Bankman-Fried and attorneys with 4 million pages of discovery documents and Rep Patrick McHenry calling proposed crypto tax rules an ‚attack on the digital asset ecosystem‘. These developments demonstrate how cryptocurrency continues to expand into different aspects of finance especially when it comes to taxes and regulations .