SEC Members Lock Heads as Stoner Cats Enters its Crosshairs

2 Mins read

A full 2 years on from its original launch, and the fleet-footed SEC has raced into action to declare the Stoner Cats NFT collection a security. Despite the ruling however, several prominent members of the commission have vocally criticized the move.

The celebrity-driven NFT project headed up by Mila Kunis, came unstuck due to the promises it made to holders of its NFTs. As such, the digital collectibles it sold not only offered cartoon artworks and gated access to its TV show, but also a share of revenues. According to the SEC, this tipped the balance into the realms of securities and breached the laws governing such investments.

As has become the norm in such circumstances, the Stoner Cats team neither admitted or denied the allegations. However, in agreement with the SEC, the project has acquiesced to pay a $1 million ‘fine,’ and destroy any NFTs that remain in its possession. In addition, it is also required to set up a fund to reimburse collectors who invested in Stoner Cats tokens.

SEC Commissioners Speak Out in Defense of NFTs

Despite the finality given in the wording of the latest SEC findings, it seems that not everyone in its offices agrees with the ruling. Two prominent and well-respected commissioners from within the organization have openly criticized the attack on Stoner Cats, stating “the fact that money is involved does not transform NFTs into securities.”

Stoner Cats NFTs Rally following the Latest SEC Ruling

In the immediate aftermath of the latest attack on NFTs from the ruling body, the Stoner Cats NFT collection registered a sharp spike in sales. As a result, the floor price rose from approximately 0.019 ETH ($30) to around 0.084 ETH ($136). However, this new and encouraging figure still falls well short of the original mint price of 0.35 ETH (roughly $800 at the time).

Want more? Connect with NFT Plazas

Join the Weekly Newsletter
Follow us on Twitter
Like us on Facebook
Follow us on Instagram

*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Source link

Related posts

NEOBRED’s Horse Racing Game Enters the Chainlink BUILD Program

1 Mins read
NEOBRED, a blockchain horse racing game, has officially entered the Chainlink BUILD program. The program serves as an incubator, offering mentorship and…

How is Bringing Web3 to the Hotel Industry

1 Mins read
In celebration of World Tourism Day, has launched a Web3 hotel booking platform that blends decentralized technology and cryptocurrency to redefine…

Snook Takes Its NFT Play-to-Earn Game to Arbitrum

2 Mins read
Snook, an online ‘kill-or-be-killed’ multiplayer game with mechanics similar to the classic Nokia game Snake, recently announced its launch on the Arbitrum…



Leave a Reply

Your email address will not be published. Required fields are marked *