{"id":23434,"date":"2023-09-14T06:04:10","date_gmt":"2023-09-14T06:04:10","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/sec-charges-stoner-cats-project-with-unregistered-securities-sale\/"},"modified":"2023-09-14T06:04:10","modified_gmt":"2023-09-14T06:04:10","slug":"sec-charges-stoner-cats-project-with-unregistered-securities-sale","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/sec-charges-stoner-cats-project-with-unregistered-securities-sale\/","title":{"rendered":"SEC Charges Stoner Cats Project with Unregistered Securities Sale"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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The Stoner Cats project\u2019s designers are being sued by the Securities and Exchange Commission (SEC) of the United States for allegedly selling unregistered securities before to the 2021 launch of NFTs (Non-Fungible Tokens).<\/p>\n

Stoner Cats 2 LLC Faces Penalties<\/strong><\/h2>\n

The company behind the Stoner Cats NFT-based cartoon series has signed a cease-and-desist agreement and will forfeit $1 million as a significant civil penalty. Without the corporation admitting any wrongdoing, a settlement was made. The business has also agreed to sell any leftover NFTs it has and to create a \u201cFair Fund\u201d to compensate investors who bought NFTs in the first sale.<\/p>\n

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The Origin of Stoner Cats<\/strong><\/h2>\n

Stoner Cats has conceived the idea for Stoner Cats came from Orchard Farm Productions, a production company connected to well-known actress Mila Kunis, who also provided the voice of one of the animated feline characters in the show under the umbrella of Orchard Farm Productions, the production studio affiliated with renowned actress Mila Kunis, who also lent her voice to one of the animated feline characters in the series.<\/p>\n

The SEC\u2019s Allegations<\/strong><\/h2>\n

According to the SEC\u2019s inquiry, Stoner Cats 2 LLC generated $8 million in total through the sale of Ethereum-based NFTs that acted as tickets to watch the web series. Viewers were given access to a unique program featuring five cats and their owner going on unusual adventures thanks to these NFTs.<\/p>\n

Famous actors including Ashton Kutcher, Jane Fonda, Seth MacFarlane (creator of \u201cFamily Guy\u201d), and Chris Rock were among the cast members in the star-studded production. In an unexpected turn of events, Ethereum co-founder Vitalik Buterin made his public debut as a taxidermied cat.<\/p>\n

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Although the A-list celebrities were not specifically named in the SEC\u2019s latest release, it was claimed that their celebrity status was crucial to the NFT marketing strategy.<\/p>\n

The regulatory authority also stressed how quickly the NFTs sold out\u2014in only 35 minutes\u2014thanks to the company\u2019s emphasis on the unique benefits of ownership. One of these advantages was the possibility for NFTs to be sold again on secondary markets, which would bring in royalties for the corporation.<\/p>\n

SEC\u2019s Perspective on Securities Laws<\/strong><\/h2>\n

\u201cWhether your offering involves beavers, chinchillas, or animal-based NFTs, under the federal securities laws, it\u2019s the economic reality of the offering\u2014not the labels you put on it or the underlying objects\u2014that guides the determination of what\u2019s an investment contract and therefore a security,\u201d said Gurbir S. Grewal, Director of the SEC\u2019s Division of Enforcement.<\/p>\n

\u00a0<\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) The Stoner Cats project\u2019s designers are being sued by the Securities and Exchange Commission (SEC) of the United States for allegedly selling unregistered securities before to the 2021 launch of NFTs (Non-Fungible Tokens). Stoner Cats 2 LLC Faces Penalties The company behind the Stoner Cats NFT-based […]<\/p>\n","protected":false},"author":34,"featured_media":23435,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23434"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=23434"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23434\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23435"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}