The SEC charged a company called Stoner Cats 2 LLC — which produced an animated web series “Stoner Cats” funded by sales of NFTs that were priced at $800 each — with conduct…
, Chris Rock, Dax Shepard, Gary Vaynerchuk, Jane Fonda, Michael Bublé, Seth MacFarlane and Vitalik Buterin.
On July 27, 2021, SC2 offered and sold more than 10,000 NFTs for approximately $800 each, selling out in 35 minutes, according to the SEC. The Stoner Cats website says six episodes of “Stoner Cats” were produced, accessible only to those holding the NFT digital collectibles.
According to the SEC, SC2 configured the Stoner Cats NFTs to provide the company a 2.5% royalty for each secondary market transaction in the NFTs — leading purchasers to spend more than $20 million in at least 10,000 transactions. According to the SEC’s order, SC2 violated the Securities Act of 1933 by offering and selling these crypto asset securities to the public in an unregistered offering that was not exempt from registration.
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