SEC commissioners Peirce and Uyeda compared the Stoner Cats NFTs to collectibles sold by Star Wars in the 1970s.
The United States Securities and Exchange Commission charging nonfungible token project Stoner Cats sparked feedback from commissioners Hester Peirce and Mark Uyeda, arguing that the project’s activity constitutes fan crowdfunding, which they believe is common for artists., the firm behind the animated series dubbed “Stoner Cats,” with conducting an unregistered crypto-securities offering using NFTs.
Making its case, the SEC argued that the NFTs were marketed by the company as having potential for secondary sales and implied that their value would rise. In addition, the SEC pointed out that the company will receive a 2.5% royalty on every secondary sale. The SEC highlighted that the company sold over 10,000 NFTs for $800 each, and the proceeds were used to fund the series. Furthermore, there were at least 10,000 secondary sales, worth over $20 million, according to the SEC.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SEC goes after Stoner Cats NFTs known for Ashton Kutcher, Jane FondaThe SEC charged Stoner Cats 2 LLC with conducting an unregistered offering of nonfungible tokens that brought in $8 million from investors.
Read more »
$8 Million Mila Kunis's Stoner Cats NFTs Charged by SEC, Community AngryCreators of Stoner Cats settled with U.S. SEC for just $1 million but did not admit guilt
Read more »
SEC fines Stoner Cats creator for offering NFTsThe 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.
Read more »
Mila Kunis and Ashton Kutcher’s Stoner Cats NFTs must sober up, SEC ordersThe SEC is weeding out NFT projects.
Read more »
Producers of ‘Stoner Cats’ Series, Whose Cast Included Ashton Kutcher and Mila Kunis, Charged by SEC With Illegal Sale of $8 Million Worth of NFTsThe SEC charged a company called Stoner Cats 2 LLC — which produced an animated web series “Stoner Cats” funded by sales of NFTs that were priced at $800 each — with conduct…
Read more »
SEC Files Charges Against NFT Project “Stoner Cats” Starring Ashton Kutcher, Mila Kunis and MoreThe LLC connected to the animated Web3 series, which also stars Jane Fonda, Seth MacFarlane and Chris Rock, agreed to pay a $1M penalty and return payments to buyers of the NFTs.
Read more »