SEC charges Stoner Cats NFT creator with unregistered securities offer
SEC says Stoner Cats 2 LLC raised $8 million from investors by offering unregistered securities of NFTs. Stoner Cats will refund the money to investors and pay a $1 million fine. SEC recently charged Impact Theory over allegations of similar violations. The Securities and Exchange Commission (SEC) has charged Stoner Cats 2 LLC over an unregistered offering of NFTs. According to the regulator, the NFTs creator raised $8 million from investors in a project that financed the animated web series show dubbed Stoner Cats. Among notable personalities to feature in the show (via voiceovers) were Ashton Kutcher, Chris Rock, Jane Fonda, Mila Kunis and Ethereum co-founder Vitalik Buterin. NFTs were offered as securities In its order, the SEC said the charge shows that it’s not about what the NFTs are based on or underlying asset, but rather the “economic reality of the offering.” The SEC’s complaint noted that Stoner Cats wasn’t exempt f...