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The SEC said Stoner Cats violated the Securities Act of 1933 by selling NFTs that qualify as investment contracts. Stoner Cats has agreed to a refund. The United States Securities and Exchange Commission (SEC) continues its widespread crackdown by going after “Stoner Cats”, an NFT-based web series from Hollywood couple Ashton
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According to the SEC, Stoner Cats NFT holders were incentivized to trade the NFTs, receiving a 2.5% royalty for each secondary-market transaction involving the collectibles. That encouraged individuals to buy and sell the NFTs in at least 10,000 secondary transactions worth more than $20 million, according to regulators. In addition,
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Additionally, Toonstar, which co-produces Web3 Show The Gimmicks with Mila Kunis’ company Sixth Wall, will offer exclusive NFTs and show merchandise through the store. With the official launch of the partnership on July 21st at San Diego Comic-Con, Hot Topic community members will get the chance to have a cameo
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The animated series is Kunis’ latest project at the intersection of Hollywood and blockchain. Source
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