Stoner Cats NFT Project Removed from Top Marketplaces
The Stoner Cats NFT project, co-created by actress Mila Kunis, has been removed from popular marketplaces like OpenSea, Blur, and Rarible. The US Securities and Exchange Commission (SEC) has charged the developers, Stoner Cats 2 LLC (SC2), for conducting an unregistered offering of crypto asset securities. This action is part of the SEC’s crackdown on unregistered securities offerings in the crypto sector.
SEC Scratches Stoner Cats NFT Collection
The SEC’s regulatory action against Stoner Cats NFTs demonstrates its commitment to enforcing compliance with securities laws. Despite the ban, the NFTs still exist on the blockchain and in holders’ wallets. Some marketplaces like LooksRare and X2Y2 continue to list them.
In July, SC2 sold over 10,000 NFTs that granted holders access to episodes of the Stoner Cats animated series. The SEC alleges that SC2 violated securities regulations by failing to register these NFTs as investment contracts.
SC2 Tucks Its Tail
In response to the charges, SC2 has agreed to a cease-and-desist order and will pay a $1 million penalty. The company will also destroy any remaining NFTs it holds. Despite the SEC’s enforcement action, the average price for a Stoner Cats NFT has increased by over 300%.
This case serves as a cautionary tale for NFT projects targeting US audiences and highlights the importance of celebrities ensuring compliance with securities laws as cryptocurrency gains traction in Hollywood. SEC Commissioners Hester Pierce and Mark Uyeda have expressed their disagreement with the actions taken against Stoner Cats NFTs, arguing that applying strict regulations to NFTs would hinder artists’ creativity.
Hot Take: The Stoner Cats NFT Project Faces SEC Scrutiny
The Stoner Cats NFT project, co-created by Mila Kunis, has been banned from major marketplaces due to the US Securities and Exchange Commission’s charges against Stoner Cats 2 LLC (SC2). The SEC alleges that SC2 conducted an unregistered offering of crypto asset securities. Despite the ban, the NFTs remain on the blockchain, and some marketplaces still list them. SC2 has agreed to a cease-and-desist order and will pay a $1 million penalty. This case serves as a cautionary reminder for NFT projects targeting US audiences and emphasizes the importance of complying with securities laws in the crypto industry.
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