SEC charges company behind Stoner Cats NFT series with unregistered securities sale By Cointelegraph
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Stoner Cats 2 LLC (SC2), the company behind the “Stoner Cats” animated series, has agreed to a cease-and-desist order and other measures imposed by the United States Securities and Exchange Commission after being charged with conducting an unregistered offering of crypto-asset securities in the form of nonfungible tokens (NFTs).
According to the SEC, SC2 sold more than 10,000 NFTs for about $800 apiece. The sale took 35 minutes and occurred on July 27, 2021, and the proceeds were used to fund the series. The NFTs allowed purchasers to view the Stoner Cats animated series, which revolved around an elderly woman and her cats consuming cannabis. The first of six episodes premiered two days after the NFT sale.
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Stoner Cats 2 LLC (SC2), the company behind the “Stoner Cats” animated series, has agreed to a cease-and-desist order and other measures imposed by the United States Securities and Exchange Commission after being charged with conducting an unregistered offering of crypto-asset securities in the form of nonfungible tokens (NFTs).
According to the SEC, SC2 sold more than 10,000 NFTs for about $800 apiece. The sale took 35 minutes and occurred on July 27, 2021, and the proceeds were used to fund the series. The NFTs allowed purchasers to view the Stoner Cats animated series, which revolved around an elderly woman and her cats consuming cannabis. The first of six episodes premiered two days after the NFT sale.
Continue Reading on Coin Telegraph
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