The U.S. Securities and Exchange Commission (SEC) has charged the company behind the Stoner Cats NFT collectible with unregistered securities sales for $8 million in sales.
In a post published on its official website on September 13, the SEC announced that Stoner Cats 2 LLC, the company behind an animated series called Stoner Cats, raised $8 million NFT collection because of unregistered securities sales in his accusation found And sanction implemented.
The makers of Stoner Cats, which is entirely financed by NFTs, did not accept the accusation, but to reject He made no attempt to instead of 1 million dollars He agreed to pay a fine. Additionally, the producers acknowledged do not give up And stopping in their possession under the order for refunds on damaged investments. will create a fund and the remaining It will also destroy NFT pieces.
According to the information given, famous Hollywood stars and Ethereum founder Vitalik ButerinProducers of Stoner Cats 2, where . July 27, 2021 With the NFT collection they released on 35 minutes grain in from $800 10 thousand pieces He managed to sell it. However, the SEC said that the promises made by the producer company to investors played an important role behind these sales. The SEC encourages makers to attract investors by demonstrating their success, the ability to sell collectibles on the secondary market, and the makers’ knowledge of the crypto space. to generate profit expectations He said they paved the way.
The SEC also NFT pieces every secondary sale 5% commission by getting $20 million He emphasized that he earned royalty income on it.
SEC Enforcement Director Gurbir Grewal, He implied that it matters what a product represents under securities laws, regardless of the content of the things being sold. Grewal points out the promises made by the producers 35 minutes in 8 million dollars He said the gathering was not surprising.
According to data from Opensea, with the accusation made by the SEC, the NFT collection started to be in demand again and the number of purchases and sales increased rapidly.
The SEC made its first move into NFTs at the end of August, when an entertainment company Impact Theory He made it to his NFT collection. Collection issuers $6.1 million He was fined. The accusation against Stoner Cats 2 was made by the SEC.