SEC Files Charges Against NFT Project ‘Stoner Cats’
Video Credit: Wibbitz Top Stories - Duration: 01:30s - Published
SEC Files Charges Against NFT Project ‘Stoner Cats’
SEC Files Charges Against , NFT Project ‘Stoner Cats’.
SEC Files Charges Against , NFT Project ‘Stoner Cats’.
'Stoner Cats,' which was launched in 2021, is an animated series that gets its funding by selling NFTs.
Over 10,000 NFTs were made, and only
NFT owners could access the series.
The format also made it , "one of the first projects to use NFTs to create a
community of holders who get to see behind the curtain as
an animated series is made and interact directly with
top-level Hollywood talent," according to the series' website.
The format also made it , "one of the first projects to use NFTs to create a
community of holders who get to see behind the curtain as
an animated series is made and interact directly with
top-level Hollywood talent," according to the series' website.
Mila Kunis, Ashton Kutcher, Chris Rock,
Jane Fonda, Seth MacFarlane and others
voiced characters in the series.
Mila Kunis, Ashton Kutcher, Chris Rock,
Jane Fonda, Seth MacFarlane and others
voiced characters in the series.
Mila Kunis, Ashton Kutcher, Chris Rock,
Jane Fonda, Seth MacFarlane and others
voiced characters in the series.
Mila Kunis, Ashton Kutcher, Chris Rock,
Jane Fonda, Seth MacFarlane and others
voiced characters in the series.
On Sept.
13, the Securities and Exchange Commission (SEC) charged the show's creators "for an unregistered offering of NFTs," according to 'The Hollywood Reporter.'.
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.
, Gurbir S.
Grewal, director of the SEC’s Division of Enforcement, via statement.
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.
, Gurbir S.
Grewal, director of the SEC’s Division of Enforcement, via statement.
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, Gurbir S.
Grewal, director of the SEC’s Division of Enforcement, via statement.
While Stoner Cats 2 LLC has not admitted any wrongdoing, it has agreed to a $1 million fine that
it will use to create a fund to refund NFT buyers
Elon Musk , Loses Appeal of , 'Twitter Sitter' Provision .
On April 29, the Supreme Court denied billionaire
Elon Musk's challenge to the terms of a Securities
and Exchange Commission agreement. .
On April 29, the Supreme Court denied billionaire
Elon Musk's challenge to the terms of a Securities
and Exchange Commission agreement. .
NBC reports that the SEC requirement
would require a lawyer to review
the Tesla CEO's social media posts. .
In his appeal, Musk argued that the SEC's requirement,
which has been dubbed the 'Twitter sitter' provision,
unlawfully imposed conditions on his freedom to comment. .
In his appeal, Musk argued that the SEC's requirement,
which has been dubbed the 'Twitter sitter' provision,
unlawfully imposed conditions on his freedom to comment. .
The SEC requirement stems from Musk's tweets in 2018 that
claimed he was taking Tesla private, which shocked the
market and caused shares in the company to surge.
The SEC requirement stems from Musk's tweets in 2018 that
claimed he was taking Tesla private, which shocked the
market and caused shares in the company to surge.
The SEC deemed the tweets
"materially false and misleading,"
and in clear violation of securities laws.
At the time, Musk agreed to settle the issue
with the SEC, which included his signing off
on the so-called "Twitter sitter" provision.
NBC reports that Musk has since said
the restrictions are unconstitutional and that
he was coerced into signing the SEC agreement.
According to court papers, lawyers
representing Musk have accused the SEC
of waging an "ongoing campaign" against Musk.
Musk's legal team claim the provision , "restricts Mr. Musk’s speech even
when truthful and accurate.".
It extends to speech not
covered by the securities laws
and with no relation to the conduct
underlying the SEC’s civil action, Elon Musk legal team, via NBC.
In response, the SEC said in court papers
that Musk waived his right to appeal
when he signed off on the settlement.
Credit: Wibbitz Top Stories Duration: 01:31Published
Trump’s Social Media Company , Sues Co-Founders.
Trump Media & Technology Group filed a
lawsuit against co-founders Wesley Moss and Andrew Litinsky on March 24, ABC News reports.
The suit came two days before shareholders approved a merger that allowed the
company to begin trading on the Nasdaq.
The lawsuit alleges that the two men
"failed spectacularly" to lead the company and made "reckless and wasteful decisions"
that resulted in "significant damage.".
Trump Media wants the co-founders to give up
their shares of the company, among other things. .
TMTG has been forced to file this action
to remedy the harm inflicted upon it by two
faithless fiduciaries and a company they own --
Wesley Moss, Andrew Litinsky, and
[United Atlantic Ventures] -- and to halt their
ongoing attempts to do even more damage, Via lawsuit.
Moss and Litinsky's company,
United Atlantic Ventures, owns 5.5%
of Trump Media, according to the SEC.
That amounts to 7,525,000 shares
which are worth about $388 million.
Donald Trump's stake in the company
is currently valued at over $4 billion.
Since going public last week,
the stock has been very volatile. .
At one time, shares peaked over $79.
On April 1, they plunged by 21%.
Shares recovered slightly on April 2
Credit: Wibbitz Top Stories Duration: 01:30Published
SEC Permitted to Sue Coinbase , for Offering Unregistered Securities.
U.S. District Judge Katherine Polk Failla
has ruled that the Securities and Exchange Commission's (SEC) lawsuit against Coinbase
can proceed, The Verge reports. .
The SEC has sufficiently pleaded
that Coinbase operates as an exchange,
as a broker, and as a clearing agency
under the federal securities laws, , U.S. District Judge Katherine Polk Failla, via ruling.
... and, through its Staking Program,
engages in the unregistered
offer and sale of securities, U.S. District Judge Katherine Polk Failla, via ruling.
The judge rejected arguments that existing laws are inadequate when it comes to crypto. .
The judge rejected arguments that existing laws are inadequate when it comes to crypto. .
The ‘crypto’ nomenclature may be
of recent vintage, but the challenged
transactions fall comfortably within the
framework that courts have used to identify
securities for nearly eighty years, U.S. District Judge Katherine Polk Failla, via ruling.
Coinbase chief legal officer Paul Grewal
took to X to respond to the ruling. .
Coinbase chief legal officer Paul Grewal
took to X to respond to the ruling. .
Early motions like ours
against a government agency
are almost always denied. , Paul Grewal, Coinbase chief legal officer, via X.
But clarity is the ultimate
goal and today’s decision
continues us on that path, Paul Grewal, Coinbase chief legal officer, via X.
Looking ahead, we remain confident
in our legal arguments, we look
forward to proving we’re right, , Paul Grewal, Coinbase chief legal officer, via X.
... we are eager for the opportunity to
take discovery from the SEC for the first
time, and we appreciate the Court’s
continued consideration of our case. , Paul Grewal, Coinbase chief legal officer, via X
Credit: Wibbitz Top Stories Duration: 01:31Published
Jennifer Aniston is set to produce a reimagining of the iconic 1980 film '9 to 5.' The original movie starred Dolly Parton, Lily Tomlin and Jane Fonda as three women who take revenge on their sexist boss. The Hollywood Reporter has learned that Aniston will produce the project that is in development through her Echo Films banner, alongside her partner Kristin Hahn.
Credit: The Hollywood Reporter Duration: 01:05Published
Seth MacFarlane says he doesn't have plans to end 'Family Guy' anytime soon. The beloved animated series is currently in its 22nd season. As for the future of the show, creator and star MacFarlane told the 'Los Angeles Times' in a new profile celebrating 25 years since the show initially aired, "At this point, I don’t see a good reason to stop."
Credit: The Hollywood Reporter Duration: 01:14Published
Roger Corman, the legendary filmmaker of low budget horror flicks who launched the Hollywood careers of Francis Ford Coppola, Martin Scorsese and many others,.. TMZ.com
Shoutout to all the Moms out there including these hotties who stay blessing your feeds and needs ... Can you name a better way to kick off Mom's Weekend 2024.. TMZ.com
Kristen Stewart says "Barbie" alone can't undo ancient systems of oppression ... arguing Hollywood's allowing only a few female creators to make an impact. The.. TMZ.com
Travis Kelce is continuing his Hollywood takeover! The superstar athlete just scored a role in Ryan Murphy's new FX horror series 'Grotesquerie.' Star Niecy Nash-Betts confirmed Kelce's involvement in the show in a new Instagram video. Although little to no details have been revealed, Nash-Betts along with Courtney B. Vance and Lesley Manville are among the announced castmembers.
Credit: The Hollywood Reporter Duration: 01:25Published
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