that many NFT project founders put out messaging similar to Impact Theory that encourages potential buyers and promises profit as the project succeeds.Cointelegraph reached out to Oscar Franklin Tan, the chief legal officer of NFT platform Enjin, to dive deeper into the SEC’s recent action against NFTs. According to Tan, it’s very problematic to say that all NFTs are securities. Tan explained:
The lawyer also shared that the confusion is everywhere. Tan said he was recently asked if giving away a proof-of-attendance protocol NFT at a fashion show was illegal. Tan believes that the lack of clear rules will “discourage creators from trying Web3 models” and lead to the space never discovering the “full benefits of Web3.”
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mastercard and Binance Ending Crypto Card Partnership; Bearish Outlook Engulfs Crypto MarketVanderbilt Law School associate dean and professor Yesha Yadav discusses the significance of payment giants Visa and Mastercard paring back their ties with Binance. Hashdex CIO Samir Kerbage weighs in on the key trends and developments in the crypto asset market as bitcoin (BTC) briefly slumps below $26,000. And, Taxbit head of government relations Miles Fuller reacts to the IRS finally proposing rules for crypto tax reporting.
Source: CoinDesk - 🏆 291. / 63 Read more »