by Diontae Bussey | Sep 5, 2023 | Business News, Latest |
Image Credit: Photo by Andrey Metelev on Unsplash
The U.S. Securities and Exchange Commission (SEC) has stepped into the world of non-fungible tokens (NFTs), making its first enforcement action against a company in this space. The company in question is Impact Theory, a Los Angeles-based media company, which has been accused of selling unregistered securities in the form of NFTs. This case has sent ripples across the industry, providing insights into how NFTs could be regulated in the future.
The SEC’s Lawsuit: A Brief Overview
In a landmark move, the SEC is suing an NFT project, marking the first time the authority has taken enforcement action against a company for selling unregistered NFTs. The case revolves around Impact Theory, an LA media company that allegedly encouraged potential investors to view the purchase of their Founder’s Key NFT project as an investment into the business. The SEC order stated that the digital assets offered to investors were deemed “investment contracts” and therefore “securities.”
The Allegations
According to the SEC, Impact Theory “encouraged potential investors to view the purchase of Founder’s Key [the company’s NFT project] as an investment into the business, stating that investors would profit from their purchases if Impact Theory was successful in its efforts.” This, the SEC argues, means that the digital assets offered to investors were in effect “investment contracts” and therefore should be classified as “securities.”
The Settlement
Impact Theory neither admitted nor denied the SEC’s findings but agreed to pay more than $6.1 million in penalties to settle the allegations. The settlement also established a “Fair Fund” to compensate impacted investors. As part of the agreement, Impact Theory was required to destroy all of its Founder’s Key NFTs and eliminate any royalties it might collect from secondary market transactions.
Impact on the Crypto Industry
This case is significant to the crypto industry, which has been hit with a flurry of regulatory clampdowns in the U.S. It offers a clue for how NFTs could be regulated in the future, particularly as many other NFT projects have used language similar to how Impact Theory marketed its digital assets, touting their blockchain-based identifiers as investment opportunities.
Future Implications
Many other NFT projects have used language similar to how Impact Theory marketed its digital assets. These projects have touted their blockchain-based identifiers representing digital asset ownership as investment opportunities. The SEC’s action against Impact Theory could set a precedent for how these projects are regulated in the future.
Impact Theory’s Response
Despite the SEC’s allegations and subsequent settlement, Impact Theory is not giving up on its NFT endeavor. In a post, the founder of Impact Theory stressed that his company will ensure its future digital assets will be for utility rather than financial purposes.
The Founder’s Statement
“We will operate our go-forward business consistent with our good faith best understanding of all applicable laws, rules, and regulations. We will make clear that all of Impact Theory’s digital assets are collectibles with utility within the exciting new landscape of Borderless Entertainment. We will forcefully discourage people from treating our digital assets as anything other than what they are–collectibles with utility. We will have more news on this in the coming weeks and months.”
Conclusion
As the SEC’s first enforcement action against an NFT project, this case is a watershed moment in the crypto industry. It is a stark reminder of the regulatory complexities at play in this space and underscores the need for companies to ensure they are following all relevant laws, rules, and regulations. It remains to be seen how this case will impact the regulation of other NFT projects and the broader crypto industry in the future.
by Jonathan P-Wright | Aug 31, 2023 | Latest, Social Justice |
In the dynamic world of cryptocurrency, Tornado Cash has emerged as a prominent player. However, recent developments have put the company and its founders, Roman Storm and Roman Semenov, under scrutiny, leading to significant ramifications in the tech and legal spheres.
Founders Charged by U.S. Attorney’s Office
On a recent Wednesday, a statement from the U.S. Attorney’s Office for the Southern District of New York brought to light that the founders of Tornado Cash, Roman Storm, and Roman Semenov were officially charged1. They are accused of engaging in a conspiracy to commit money laundering, sanctions violations, and operating an unlicensed money transmitting business.
The Indictment
An indictment unveiled recently has brought these charges against the founders. Roman Storm has already been arrested in Washington, but Semenov is still at large according to the Southern District of New York (SDNY).
“Roman Storm and Roman Semenov in fact knew that they were helping hackers and fraudsters conceal the fruits of their crimes.” – U.S. Attorney Damian Williams
The Role of Tornado Cash
Tornado Cash, a platform established in 2019, is a cryptocurrency mixing service that provides users with the ability to conceal the origin of their crypto funds during transactions. This service, although beneficial to individuals seeking privacy, has also been utilized to render potentially tainted crypto funds less identifiable.
Decentralized Nature
During an interview with CoinDesk in January 2022, Semenov emphasized the decentralized nature of Tornado Cash. He mentioned that the protocol was specifically designed to be “unstoppable”. He also added that the team had little control over the protocol, thereby making it difficult for them to assist in investigations.
Legal Repercussions
The third co-founder of Tornado Cash, Alexey Pertsev, although not named in the recent indictment, is also facing legal consequences. Pertsev, who is based in Amsterdam, is being investigated for his role in the operations of Tornado Cash.
Money Laundering Allegations
Tornado Cash’s platform has allegedly been involved in transactions amounting to over $1 billion related to money laundering according to the SDNY. This includes over $455 million stolen by the Lazarus Group, a North Korean cybercrime organization, as per a statement from the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) last year.
Sanctions by OFAC
In August 2022, Tornado Cash was sanctioned by OFAC for reportedly enabling over $7 billion in crypto to be laundered through its platform. From that point forward, U.S. citizens and businesses were prohibited from using its service.
Involvement of Other Agencies
Alongside the SDNY, the Federal Bureau of Investigation, the Justice Department, and the Internal Revenue Service’s Criminal Investigation unit have also been involved in the charges brought against the founders of Tornado Cash on Wednesday.
Conclusion
In conclusion, the charges brought against the founders of Tornado Cash underscore the ongoing scrutiny and regulatory challenges faced by businesses in the cryptocurrency sector. As this case unfolds, it will undoubtedly influence the legal and regulatory landscape for cryptocurrency businesses worldwide.
As we continue to monitor this situation, we remain committed to providing the latest tech news and updates regarding Tornado Cash and other significant developments in the cryptocurrency world. Stay tuned for more updates
by Jonathan P-Wright | Aug 21, 2023 | Latest, Social Justice |
In 2009, the heartwarming movie The Blind Side took the world by storm, telling the inspiring story of Michael Oher, a homeless Black teen who overcame adversity to become an NFL star with the help of his adoptive parents. However, recent revelations by Oher himself have shaken the foundation of this beloved tale. According to a petition filed in the Shelby County Probate Court, Oher claims that his adoption by the Tuohy family, the central figures in The Blind Side, was nothing more than a lie. In this article, we will delve into the shocking details of Oher’s allegations, exploring the truth behind his adoption and the repercussions it has had on his life.
The Allegations Unveiled
In August 2023, Michael Oher made headlines with a petition filed in the Shelby County Probate Court, accusing his former guardians, Sean and Leigh Anne Tuohy, of deceiving him about his adoption. According to the 14-page document, the Tuohys never legally adopted Oher, but instead convinced him to sign a document that granted them conservatorship over his business affairs. This maneuver allowed them to control and profit from Oher’s story without his knowledge or consent.
The petition, obtained by ESPN, alleges that the Tuohys used their power as conservators to secure a lucrative deal that earned them over $300 million from The Blind Side, while Oher received nothing for his integral role in the creation of the story. Furthermore, the document claims that even after the film’s release, the Tuohys continued to refer to Oher as their adopted son, exploiting this false narrative to promote their own ventures, including Leigh Anne’s work as an author and motivational speaker.
Unraveling the Fabricated Tale
The story of Michael Oher’s adoption, as portrayed in The Blind Side, captivated audiences around the world. Based on the 2006 book by Michael Lewis, the film highlighted the extraordinary journey of a young man who overcame immense challenges to achieve success both on and off the football field. However, Oher’s recent revelations have cast doubt on the authenticity of this narrative.
According to Oher’s petition, the lie of his adoption was only discovered in February 2023. He learned that the conservatorship he had agreed to, under the belief that it would make him a member of the Tuohy family, provided him with no true familial relationship. This revelation left Oher feeling not only deceived but also deeply embarrassed by the fact that the story of his adoption, so widely celebrated and embraced, was nothing more than a fabrication.
Impact on Oher’s Life and Career
The fallout from the alleged deception surrounding Michael Oher’s adoption has had a profound impact on his life and career. As a renowned NFL star, Oher’s story became synonymous with resilience and triumph, inspiring countless individuals around the world. However, the revelation that his adoptive family manipulated and profited from his narrative has undoubtedly left a lasting mark on his psyche.
The petition filed by Oher highlights the financial disparities between himself and the Tuohys, with the family reportedly earning over $300 million from the film while Oher received no compensation. This stark contrast in financial gain further amplifies the sense of exploitation and betrayal experienced by Oher.
The Aftermath and Legal Battle
Following the filing of the petition, the legal battle between Michael Oher and the Tuohys is expected to intensify. The allegations made by Oher raise significant questions about the ethical implications of profiting from someone else’s life story without their full consent and involvement.
As the case unfolds, it will be crucial to examine the evidence presented by both parties, ensuring a fair and just resolution. The outcome of this legal battle could have far-reaching implications for the entertainment industry, shedding light on the need for transparency and ethical practices when portraying real-life stories on the big screen.
Reassessing the Legacy of The Blind Side
With the revelation that the story behind The Blind Side may have been built on a lie, it becomes necessary to reassess the legacy of this critically acclaimed film. While the movie undoubtedly resonated with audiences and shed light on important issues such as homelessness and racial inequality, its credibility now hangs in the balance.
It is essential to separate the fictionalized narrative presented in The Blind Side from the real-life experiences of Michael Oher. By doing so, we can gain a deeper understanding of the complexities and challenges faced by individuals like Oher, who must navigate not only their personal struggles but also the exploitation that can come with their stories being adapted for mass consumption.
Lessons Learned and Moving Forward
The allegations made by Michael Oher regarding his adoption and the subsequent exploitation by the Tuohy family serve as a stark reminder of the importance of ethical storytelling. It is crucial for creators and consumers of media to recognize the potential harm that can arise from the manipulation and appropriation of real-life narratives.
Moving forward, it is imperative that we prioritize authenticity and respect when sharing and consuming stories that are rooted in the lived experiences of others. By doing so, we can create a more inclusive and empathetic cultural landscape that celebrates the voices and agency of the individuals whose stories are being told.
Conclusion
The shocking revelations made by Michael Oher regarding his adoption have cast a cloud of doubt over the beloved film The Blind Side. As the legal battle unfolds, it is essential to examine the evidence presented by both parties and strive for a fair and just resolution.
This case serves as a reminder of the power and responsibility wielded by storytellers, highlighting the need for ethical practices in portraying real-life stories on the big screen. By reassessing the legacy of The Blind Side and learning from this experience, we can move towards a more authentic and inclusive approach to storytelling.
by Derrick T Lewis | Aug 18, 2023 | Latest, Social Justice |
Photo by Jakayla Toney on Unsplash
Keandre Green: A Fight for Justice Amidst Tragedy
21-year-old Texan, Keandre Green, finds himself in a battle for justice following an unfortunate incident that has left him hospitalized and with severe injuries. This distressing event has sent shockwaves throughout the community and beyond, sparking outrage and demands for truth and transparency from the Duncanville authorities.
A Day That Changed a Life
The fateful day unfolded just before noon on a seemingly ordinary Friday. Green, an avid jogger, was out for his routine run when a woman’s report drastically altered the course of his day. She accused him of indecent exposure in an alleyway, a claim that Green vehemently denies.
The Allegations
Upon receiving the report, Duncanville police swiftly responded to the scene, the alley of the 900 block of Wayne Avenue to be exact. As per the woman’s account, she spotted a young Black man, presumably in his early 20s, engaging in what she believed was inappropriate behavior.
“a Black male wearing red shorts and a white shirt, possibly in his early 20s, exposing his penis.”
Green, however, had a different version of the events. He explained to the officers that he had simply taken a brief pause from his jog to relieve himself in the alley.
The Escalation
A routine police check led to a discovery of an active warrant for family violence linked to Green. This revelation escalated the situation, and the attempted arrest resulted in a debacle that left Green with three back fractures. CBS News reported on this shocking outcome, causing public outrage and calls for the release of any body or dash camera footage from the incident.
The Aftermath
The police have, however, stated that the decision to release the footage will only be taken after thorough review. Meanwhile, the severity of Green’s injuries and the circumstances leading to them have stirred public sentiment and demands for justice.
Justin Moore, Green’s attorney, has challenged the validity of the so-called active warrant. According to him, the warrant was requested but never signed by a judge in Dallas County.
“We don’t see a warrant that was signed by any judge in Dallas County on any online database request for a warrant,” Moore said, according to CBS News.
He continues to express his disappointment and concern over the incident, criticizing the Duncanville PD for their handling of the situation.
“For Duncanville PD to put that out there as an excuse for breaking a young man’s back is really sad and disturbing.”
The Call for Justice
Moore maintains that Green was victimized over a trivial act that many people do, taking a brief relief in a secluded alleyway. He paints a terrifying picture of Green’s encounter with the police, stating that an unarmed Green, scared for his life, chose to run from the cops.
“Scared for his life and unarmed, he ran when confronted by police. The subsequent brutal arrest, including a knee on his neck, has resulted in severe spinal injuries that may change his life forever.”
The Long Road Ahead
As Keandre Green continues to fight for his life and justice, the incident serves as a grim reminder of the urgent need for reform in law enforcement practices. The incident has sparked heated debates and discussions on police brutality, and the fight for justice is far from over.
A casual act turned into a nightmare, Keandre Green’s story is a potent symbol of the systemic issues plaguing our society today. His fight for justice is not just his own; it’s a fight for every individual who has ever been unjustly targeted or victimized.
As we continue to follow the developments in this case, we stand in solidarity with Keandre Green and his family in their quest for justice. We remain hopeful that truth and justice will prevail, bringing about much-needed change and healing.
by Jonathan P-Wright | Aug 4, 2023 | Latest, Social Justice |
In the midst of a growing storm of controversy, country music artist Jason Aldean has taken a significant step to address the outcry surrounding his latest single, “Try That In A Small Town,” by releasing an updated version of its accompanying video. This move comes after the original video drew sharp criticism for featuring imagery that many perceived as racially insensitive.
The embattled singer’s updated rendition of the “Try That In A Small Town” video reportedly sees the removal of the contentious footage that projected scenes from the 2020 Black Lives Matter protests onto the Maury County Courthouse in Columbia, Tennessee. The original video, which stoked a firestorm of allegations of racism, depicted a convergence of present-day protests and historical racial tensions, all while Jason Aldean’s lyrics addressed crossing societal boundaries.
Notably, the footage projected onto the Maury County Courthouse held deep historical significance, as it was the very location where a Black teen named Henry Choate was lynched during the 1920s. This juxtaposition, combined with Jason Aldean’s musical narrative, stirred a potent mixture of emotions, ranging from anger to deep sadness, and further ignited conversations about the intersection of art, history, and social consciousness.
The removal of this contentious footage marks a strategic move on Jason Aldean’s part, aimed at quelling the mounting criticism that erupted in the wake of the video’s release. It is reported that the updated version is now six seconds shorter than its predecessor, a subtle but deliberate edit that seeks to minimize the potential for further controversy.
The incident surrounding the original video’s content offers a thought-provoking reflection on the power and responsibility of artists like Jason Aldean to navigate complex social issues through their creative expressions. As conversations surrounding race, identity, and historical awareness gain increasing prominence, the scrutiny faced by Jason Aldean’s video underscores the imperative for cultural figures to be attuned to the sensitivities of their audiences.
As the updated video continues to circulate, its reception will undoubtedly be closely watched. This incident serves as a stark reminder that art, though a vehicle for expression, can wield substantial influence, often transcending mere entertainment to engage with deeply entrenched societal narratives.
The updated video prompts broader discussions about the role of art in shaping perceptions, the complexities of cultural representation, and the evolving landscape of accountability in the age of heightened awareness. Ultimately, the narrative that unfolds around this incident holds lessons for artists like Jason Aldean, audiences, and the ongoing dialogue about the intertwined relationships between creativity, history, and the pursuit of social progress.
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