Two SEC commissioners, Mark Uyeda and Hester Peirce, disagreed with the SEC’s action against a company called Impact Theory for selling NFTs as securities. The SEC claimed the NFT sales were unregistered securities and charged Impact Theory $6.1 million in penalties. However, Peirce and Uyeda disagreed, saying the NFTs didn’t meet the legal test for being securities.

They believe that adults should have the freedom to manage their finances as they want. They also noted that this is the first time the SEC is taking action against an NFT issuer, and they raised questions about how the SEC is applying the law to NFTs.

The disagreement centers around whether NFTs are like traditional investments or something different. The SEC is concerned that people buying NFTs might not fully understand what they’re investing in, but Peirce and Uyeda think this isn’t enough reason for the SEC to get involved.

They also questioned whether the SEC needs new rules to handle NFTs properly since different NFTs have different uses. The SEC’s order for Impact Theory to destroy NFTs also worries them about setting a precedent for future cases.