this post was submitted on 14 Sep 2023
211 points (92.4% liked)
Technology
59148 readers
2312 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
This is the best summary I could come up with:
The SEC has charged the Hollywood power couple’s NFT-based web series, “Stoner Cats,” calling the NFTs unregistered securities.
Per the SEC, “Stoner Cats is an adult animated television show about house cats that become sentient after being exposed to their owner’s medical marijuana.” By buying one of 10,000 NFTs worth around $800 each, fans could get exclusive access to the six-episode animated series, which features celebrities like Jane Fonda, Chris Rock and Seth MacFarlane.
Another great quote from this formal SEC document: “@StonerCatsTV tweeted on September 7, 2021 a meme suggesting that the smartest thing to do during a dip in the crypto markets would be to ‘Buy more ETH & sweep the Stoner Cats floor.
There will also be a Fair Fund that will return money to people who were financially harmed by purchasing the NFTs.
Last year, Kim Kardashian reached a $1.26 million settlement with the SEC over failing to properly disclose that she was being paid to promote a crypto asset security sold by EthereumMax.
“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,” said Gurbir S. Grewal, director of the SEC’s Division of Enforcement, in a statement.
The original article contains 364 words, the summary contains 231 words. Saved 37%. I'm a bot and I'm open source!