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1 Comment
tldr; Two SEC commissioners criticized the agency for forcing Flyfish Club into a $750,000 settlement over unregistered NFT sales. The SEC claimed the NFTs were securities, but commissioners Hester Peirce and Mark Uyeda argued they were merely membership sales and didn’t threaten investors. Flyfish agreed to destroy remaining NFTs and forgo future royalties. The SEC has taken similar actions against other NFT projects recently. Flyfish NFTs were linked to a restaurant venture by Gary Vaynerchuk.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.