Coin

<ul class="news-points"> 
 <li>SEC classifies Stoner Cats NFTs as unregistered securities.</li> 
 <li>Stoner Cats 2 (SC2) agrees to a cease-and-desist order and a $1 million civil penalty.</li> 
 <li>Critics, including Ripple’s Stuart Alderoty, question SEC’s settlement enforceability.</li> 
</ul> 
In its regulatory move against NFT offerings, the U.S. Securities and Exchange Commission (SEC) has classified Stoner Cats NFTs as unregistered securities. The company behind the NFTs, Stoner Cats 2 LLC (SC2), has “agreed to a cease-and-desist order and to pay a civil penalty of $1 million,” although it has not admitted or denied the SEC’s findings. 
SC2 further committed to establishing a fund to refund NFT buyers, destroying all NFTs in its possession, and publishing notice of the SEC’s order on its website and social media channels. However, the SEC’s decision has not gone unnoticed by some critics who raised doubts about the settlement. 
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 I don’t know all the facts here, but I do know that a settlement to avoid a crushing SEC process without “admitting or denying” anything is binding on no one. A cynic would call it a PR stunt. What matters is that when seriously challenged in court the SEC continues to lose. <a href="https://t.co/ZPKZqzpDgX" target="_blank" rel="nofollow">htt…</a>
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The post <a rel="nofollow" href="https://coinedition.com/stoner-cats-nfts-face-sec-critics-question-settlements-legitimacy/">Stoner Cats NFTs Face SEC; Critics Question Settlement’s Legitimacy</a> appeared first on <a rel="nofollow" href="https://coinedition.com">Coin Edition</a>.

Stoner Cats NFTs Face SEC; Critics Question Settlement’s Legitimacy

Coin Edition

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