"Imagine that you could’ve gotten in on Disney when they were doing Steamboat Willie!" Imagine that indeed. The offer was a promise made by Los Angeles-based entertainment outfit called Impact Theory in 2021. Except that instead of buying shares in the future House of Mouse, you were getting in on the NFTs sold in one of three tiers: Reckless, Heroic, or Legendary. The whole thing sounds pretty dumb but for the fact that Impact Theory somehow raised $30 million in Ethereum selling these things.
The SEC was not amused by all this and, in a new frontier in the crypto wars, announced the company had broken the law by conducting an authorized securities offering. Is that fair? Your conclusion will probably depend on whether or not you view the crypto industry as a scourge that should be burned to the ground.
