SEC Charges Stoner Cats Company Over $800 Celebrity NFT Sales Without Proper Registration

SEC charges Stoner Cats company with unregistered securities sale for NFT collection
Stoner Cats NFTs sold for $800 each to fund animated series with celebrity cast
SEC says Stoner Cats marketed NFTs as investments and took royalty from secondary sales
Company agrees to $1M penalty, destruction of NFTs, and reimbursement fund
SEC previously brought unregistered securities charges against another NFT project, Impact Theory

cointelegraph.com

Relevant topic timeline:

9/13/2023

SEC Fines Stoner Cats NFT Creators $1M for Illegal Securities Offering

The Securities and Exchange Commission (SEC) has determined that the sale of non-fungible tokens (NFTs) tied to the Stoner Cats web series was illegal, as the NFTs were considered unregistered securities, resulting in a $1 million fine and the destruction of all remaining NFTs for the company behind the series, Stoner Cats 2 (SC2).

9/13/2023

SEC Charges Stoner Cats NFT Creators $1 Million for Unregistered $8 Million Offering

The Securities and Exchange Commission charged Stoner Cats 2 LLC with conducting an unregistered offering of crypto asset securities through NFTs, raising approximately $8 million from investors for an animated web series.

9/13/2023

SEC Charges Mila Kunis and Ashton Kutcher's 'Stoner Cats' NFTs as Unregistered Securities, Project Pays $1M Fine

The SEC has charged Mila Kunis and Ashton Kutcher's NFT-based web series "Stoner Cats" with selling unregistered securities, resulting in a $1 million fine and the requirement to destroy all NFTs.