SEC Charges NFT Project Stoner Cats, Sparking Debate on Artistic Freedom and Enforcement Policies
Summary:
SEC charges NFT project Stoner Cats for unregistered securities offering using NFTs. Commissioners Peirce and Uyeda argue for clear guidelines instead of enforcement actions. The crypto community and Solana co-founder support artistic freedom. Murakami exhibition explores NFT market collapse and ego.
The Securities and Exchange Commission (SEC) has filed charges against Stoner Cats, a nonfungible token (NFT) project, for conducting an unregistered crypto-securities offering. However, SEC commissioners Hester Peirce and Mark Uyeda have voiced their disagreement with the enforcement action, arguing that it could be seen as fan crowdfunding, a common practice among artists and creators. Peirce and Uyeda suggest that instead of taking enforcement actions, clear guidelines should be established for artists and creators who want to use NFTs to support their creative endeavors. They even mentioned the example of Star Wars collectibles sold in the 1970s to highlight their point. The SEC's actions have also drawn criticism from members of the crypto community, who argue that Stoner Cats raised funds to produce a show, not to make profits for investors. Solana co-founder Anatoly Yakovenko expressed his support for artists' right to make claims about the value of their work, stating that restricting such claims would diminish the artistic world. In other news, a new Murakami exhibition explores the collapse of the NFT market and the influence of ego.
Published At
9/14/2023 8:16:41 AM
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