Stoner Cats was one of the few NFT projects to actually deliver on the promises made during the token raise, or in other words it delivered on its idea of “utility.” I don’t exactly know if that makes the NFTs worth “collecting,” as some have been saying, but the whole idea was to pay to crowdfund a show and to receive a token as a keepsake – the fact that NFTs are transferable doesn’t mean they were “investment contracts.”
This is the exact point made by SEC Commissioners Mark T. Uyeda and Hester M. Peirce in their recently published dissent, where they said if what Stoner Cats 2, LLC, did was illegal then so was selling “Star Wars collectibles…in the 1970s” as well as a whole range of activities literally currently sustaining “artists, creators and entertainers” today.
‘Enforcement 40’ for 2020
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedIn