> “Buying a founders key is [l]ike investing in Disney, Call of Duty, and YouTube all at once.” The dissent even quotes Impact Theory's framing of the NFTs as

> “Buying a founders key is [l]ike investing in Disney, Call of Duty, and YouTube all at once.” The dissent even quotes Impact Theory's framing of the NFTs as an investment. Given everything else, this is a pretty vanilla Howey test: they were selling shares with jpegs attached. > Even if the NFT sales here fit squarely within Howey, is this set of facts one that warrants an enforcement action? This dissent is really about the nature of enforcement, not whether these were unregistered securities.