![]() The Blockchain team also includes Maaria Bajwa, Morgan Beller, and Lisa Sterbakov.Īnd on the creative side? The series had some serious animation firepower behind it. Other producers include Lisa Sterbakov, Cami Curtis, and Brendan McNerney. The show was developed and produced with Mila Kunis’ Orchard Farm Productions, and Kunis is listed as part of the “Production Team” and “Blockchain Team” on the Stoner Cats website. Who was involved with the production? Stoner Cats was created, written, and directed by Chris Cartagena (editor, Illumination’s The Grinch), Sarah Cole (editorial department, Spider-Man: Across the Spider-Verse), and Emmy-winning and Oscar-nominated writer-director-producer Ash Brannon (writer/co-executive producer of Arcane co-director of Toy Story 2, and director/co-writer of Surf’s Up). Stoner Cats 2 LLC must also post a public notice about the SEC’s order. The LLC will also establish a fund to return money to investors affected by the situation, and will destroy all NFTs related to the series that are in its possession or control. How did the LLC respond? According to the SEC, the Stoner Cats 2 LLC didn’t admit or deny its findings but agreed to a cease-and-desist order and to pay the $1 million. The fact that money is involved does not transform NFTs into securities. ![]() Artists of all kinds have long struggled to support themselves, and NFTs offer a potentially viable way for them to monetize their talents. ![]() Whether an artist is selling numbered versions of physical prints for fans to display on their walls or NFTs for fans to display on social media, she deserves clear guidance about whether and how the securities laws apply. It’s therefore hardly surprising, as the order finds, that Stoner Cats sold its entire supply of NFTs in just 35 minutes, generating proceeds of over $8 million, most of which were then resold – not held as collectibles - in the secondary market within months.Īny dissent? Two of the five SEC commissioners who ruled on this case, both Republicans, released a joint statement saying that the organization was overstepping. Here, the SEC’s order finds that Stoner Cats marketed its knowledge of crypto projects, touted that the price of their NFTs could increase, and took other steps that led investors to believe they would profit from selling the NFTs in the secondary market. Regardless of whether your offering involves beavers, chinchillas, or animal-based NFTs, under the federal securities laws, it’s the economic reality of the offering – not the labels you put on it or the underlying objects – that guides the determination of what’s an investment contract and therefore a security. Grewal, director of the SEC’s Division of Enforcement:
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