The SEC is targeting firms involved in the production or trading of digital assets, saying they represent securities akin to stocks or bonds that need to be overseen by the SEC.
Andrew Harrer / Bloomberg via Getty Images fileThe creator of the Stoner Cats animated web series will pay a $1 million civil fine to settle U.S. Securities and Exchange Commission charges it conducted an unregistered offering of crypto asset securities by selling non-fungible tokens, the regulator said on Wednesday.
It also agreed to destroy all NFTs in its possession. NFTs refer to tokens that represent an asset such as a piece of digital art.Wednesday’s settlement is the SEC’s second in its crackdown on NFTs, following aStoner Cats is an adult animated series about house cats that become sentient after being exposed to their owner’s medical marijuana, which is used to alleviate early Alzheimer’s symptoms.
The NFTs provided holders with exclusive access to watch “Stoner Cats” online. Investors were told the NFTs were like a ticket, and that “the more successful the show, the more successful your NFT” will be.
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