The US Securities and Exchange Commission (SEC) has charged Los Angeles-based media and entertainment company Impact Theory, LLC with offering unregistered securities in the form of NFTs. The company had raised over $30 million from investors in the US, emphasizing that it was “trying to build the next Disney” and that it would deliver “tremendous value” to Founder’s Key purchasers.Impact Theory did not deny nor agree to the charges, but accepted a $6.1 million fine. The company will also refund affected investors and destroy all the NFTs. Additionally, they must publish notice of the order on their websites and social media channels, and eliminate any royalty that Impact Theory might otherwise receive from future secondary market transactions involving the Founder’s Keys.SEC’s action against Impact Theory is a first in the NFTs space, but continues a series of enforcement actions and settlements seen in recent months. These include lawsuits against leading crypto exchanges Binance and Coinbase. However, the regulator suffered a significant blow in July when US Judge Analisa Torres delivered a ruling that stated the cryptocurrency XRP is not a security. The SEC recently filed a motion seeking an interlocutory appeal, a step many legal experts and industry leaders say will see the agency embarrassed once again.Stargate, the leading omnichain liquidity layer, and native asset bridge with over $18 billion in lifetime transaction volume, has now deployed on Kava Chain, the Cosmos-Ethereum interoperable Layer 1. This integration will expand the reach of Tether’s Cosmos-native USDt issued exclusively on the Kava Chain, to the Ethereum ecosystem and beyond. Stargate’s success in connecting Ethereum networks is unmatched, with 300x more TVL than the next most-used bridge. Deploying Stargate on the Kava Chain gives DeFi users the most secure and efficient way to move USDt between the Cosmos and Ethereum ecosystems.The integration ensures that users from any of Stargate’s chains have access to USDt on Kava Chain and every app-chain on Cosmos’s Internet of Blockchains. Ease-of-use features like single-click transfers and swaps, combined with unified liquidity and instant guaranteed finality, make traversing USDt capital efficient and simple. Stargate’s native asset transaction capabilities ensure a more direct and efficient connection to the Cosmos ecosystem.The US Securities and Exchange Commission (SEC) has charged Los Angeles-based media and entertainment company Impact Theory, LLC with offering unregistered securities in the form of NFTs. The company had raised over $30 million from investors in the US, emphasizing that it was “trying to build the next Disney” and that it would deliver “tremendous value” to Founder’s Key purchasers. Impact Theory accepted a $6.1 million fine, and must refund affected investors, destroy all the NFTs, publish notice of the order on their websites and social media channels, and eliminate any royalty that Impact Theory might otherwise receive from future secondary market transactions involving the Founder’s Keys.Stargate, the leading omnichain liquidity layer, has now deployed on Kava Chain, the Cosmos-Ethereum interoperable Layer 1. This integration will expand the reach of Tether’s Cosmos-native USDt issued exclusively on the Kava Chain, to the Ethereum ecosystem and beyond. Stargate’s success in connecting Ethereum networks is unmatched, with 300x more TVL than the next most-used bridge. Deploying Stargate on the Kava Chain gives DeFi users the most secure and efficient way to move USDt between the Cosmos and Ethereum ecosystems. The integration ensures that users from any of Stargate’s chains have access to USDt on Kava Chain and every app-chain on Cosmos’s Internet of Blockchains. Ease-of-use features like single-click transfers and swaps, combined with unified liquidity and instant guaranteed finality, make traversing USDt capital efficient and simple.

This News Article was automatically generated by Bob the Bot(AI)

Information	Details
Geography	North America
Countries	🇺🇸 🇰🇾
Sentiment	neutral
Relevance Score	9
People	Guillermo Carandini, Scott Stuart, Analisa Torres
Companies	Kava Chain, Impact Theory, US Securities and Exchange Commission (SEC), Tether, Stargate, LLC
Currencies	usdt, ethereum, nfts, kava, bitcoin
Securities