Stoner Cats NFTs Wiped From Top Marketplaces Following SEC Enforcement Action
Discover why Stoner Cats NFTs are now banned from top marketplaces after SEC intervention. Despite the crackdown, prices pump 300%....
- The Stoner Cats NFT project, co-created by Mila Kunis, has been removed from top marketplaces due to charges by the SEC for conducting an unregistered offering of crypto asset securities.
- Despite the ban, Stoner Cats NFTs still exist on the blockchain and in holders' wallets, and some marketplaces continue to list them.
- SC2, the company behind the project, sold over 10,000 NFTs in July, granting holders access to episodes of the show.
- The SEC claims that SC2 failed to register the NFTs as investment contracts, depriving investors of necessary project details and disclosures.
- In response to the charges, SC2 has agreed to a cease-and-desist order, a $1 million penalty, and the destruction of remaining NFTs.
- Despite the enforcement action, the average price for a Stoner Cat NFT has increased by over 300%.
- The SEC's action serves as a warning for NFT projects targeting US audiences and highlights the importance of celebrities complying with securities laws in the crypto industry.
- SEC Commissioners Hester Pierce and Mark Uyeda challenge the actions taken against the project, arguing that applying the same regulations to physical art would hinder creativity.
The article discusses the SEC's charges against the Stoner Cats NFT project for conducting an unregistered offering of crypto asset securities. It highlights the ban on the project from top marketplaces, the agreement of SC2 to a cease-and-desist order and penalty, and the surge in the average price of Stoner Cat NFTs despite the enforcement action. The sentiment of the article is primarily negative, focusing on the regulatory crackdown and the potential pitfalls of non-compliance.