SEC’s’cryptocurrency Mom’ warned that split-selling NFT could break the law .
According to Cointelegraph, a cryptocurrency media outlet on the 26th, SEC member Hester Peirce warned that the divided NFT and NFT basket products are likely to be regarded as investment contracts under U.S. securities laws.
SEC Commissioner Pierce, also known as’Cryptocurrency Mom’, told Draper Goren Holm’s’Security Token Summit’ event held on the 25th (local time), to issuers, they “distributed accidentally divided NFT and NFT index basket products. It may be what you are doing,” he warned.
“The whole concept of NFT is meant to be irreplaceable,” she said. “All in all, it also means that it is likely to be stolen.” So I’m very creative.”
Pierce urges NFT issuers to be cautious if NFT issuers decide to sell the “split interest” on the NFT or NFT basket, saying, “You’d better be careful because you’re not creating something that is an investment product, a security product.” Called attention.
Meanwhile, Pierce said he hopes to cooperate with new SEC chairman Gary Gensler to develop a “safe hideout plan” that will reduce the regulatory oversight of the new blockchain network.
The safe harbor plan allows new token issuers a three-year period to build a strong and decentralized network and prove that securities laws do not apply.
It will also require issuers to submit detailed plans for the network’s roadmap, token sales, and the individuals and investors behind the project.
“There are three years of time to develop the network so that the network can be decentralized that will make the tokens actually available, and at that point it’s clear that securities laws don’t apply, and everything you submit is securities. It will be covered by the law to prevent fraud,” he explained.