18/09/2024 SEC commissioners slam agency after $750K Flyfish Club NFT settlement

SEC commissioners Hester Peirce and Mark Uyeda didn’t believe any US securities laws were triggered and urged the commission to give NFT firms more room to experiment.

SEC commissioners slam agency after $750K Flyfish Club NFT settlement

SEC commissioners Hester Peirce and Mark Uyeda didn’t believe any US securities laws were triggered and urged the commission to give NFT firms more room to experiment.

Two commissioners from the United States Securities and Exchange Commission have slammed their agency for seemingly cornering non-fungible token-themed restaurant Flyfish Club into a $750,000 settlement.

The SECsaidFlyfish “conducted an unregistered offering of crypto asset securities” by selling 1,600 NFTs to US investors and making $14.8 million from two price points, according to a Sept. 16 cease and desist order.

However, SEC commissioners Hester Peirce and Mark Uyedacriticizedthe enforcement action, arguing the Flyfish NFTs were “simply a different way to sell memberships” and thus didn’t trigger securities laws.

In a dissenting letter, the two commissioners said the Flyfish NFTs didn’t pose a “threat” to investors and stressed the SEC must provide NFT innovators with more freedom to experiment:

“Creative people should be able to experiment with NFTs without having to consult a high-priced tea-leaf reader — ahem, lawyer. The Commission can change its menu to include a healthy serving of guidance to give non-securities NFT creators the freedom to experiment.”

This enforcement action “undermines trust in Chef SEC,” the securities commissioners added.

The NFTs would have allowed customers to eat and drink in their yet-to-be-built restaurant in Manhattan, New York. According to the restaurant’s website, it issetto open this month.

Preview of one of Flyfish Club’s lounge areas. Source: Flyfish Club on Instagram

The SEC claimed that registration was necessary as the Flyfish NFTs were treated as investment contracts and thus satisfied the Howey test’s four prongs.

While Flyfish didn’t admit or deny the agency’s accusations, it agreed to destroy all remaining Flyfish NFTs in its possession and not accept future royalties from the sales of NFTs.

The Gary Gensler-led SEC pressed similar charges againstNFT projects Impact TheoryandStoner Cats 2over the past 13 months andissued a Wells Noticeagainst one of the largest NFT marketplaces, OpenSea, on Aug. 28, suggesting potential enforcement action in the coming weeks or months.

The Flyfish NFTs were spearheaded byentrepreneur Gary Vaynerchuk, who became a prominent figure in the 2021 NFT summer and has extensive experience in the investment side of hospitality.

Arts

https://cointelegraph.com/news/two-sec-commissioners-slam-agencies-nft-settlement-flyfish-club

Interesting NFTs
Alex in Wonderland
A figure, Alex, stands mostly naked in the midst of a physical and psychological maelstrom. He is clad only in nostalgic 80’s era socks, on a tenuous island between active waters and a variety of shark denizens. Sharks on the right side of the image are all beached, including a shark with a quartz crystal snout, an orange shark wrapped in a life buoy, and a shark further in the distance wearing an 80’s style shirt with the number “88”. On the left side is the largest shark, wearing bright glossy red lipstick and brandishing prominent teeth with braces. She is cordoned off from the figure by a roped float divider, and within her thought bubble is a warning symbol. Behind the figure, hovering in the air, are Grey aliens emerging from the distance, out of a series of elliptical UFO shaped interdimensional membranes. The Greys take on the visual form of spermazoa ostensibly impregnating the interdimensional thresholds. As is typical, these Greys inhabit a zone just behind the unconscious topology of Alex’s dissociative mind. Though Alex’s bottom half is representative, his top half mutates into a psychological cornucopia. In a manner akin to “Auto-Erotic Sphinx”, a predecessor work, the figure has self suctioned—an act of sensual infatuation, enjoyment, and exploration. Upward exists the figure’s primary conscious eye, adorned with a revolutionary beret emblazoned with a Bitcoin badge. The figure’s summit features the nose of a fighter jet facing off against video game Bullet Bills, one of whom is marked by a communist North Korean star. A cropped section of a UFO observes the contest. Alex’s mind branches both left and right. To the left is more singular embodied consciousness, manifesting two eyes and a Ganesh trunk grasping crayons. The right branch dissociates upward diagonally, emerging into an array of eyes, faces, teeth, tail, a unicorn horn, and much more—all of which participate in expressing his unconscious being; a democracy of psychic factions representing thought impressions and associations. All illumination and darkness– fernal, infernal, high consciousness and corporeal underbelly–reside in this realm. In the distance are relatively languid, light clouds, and against the firmament hovers a colossal distant eye peering over the scene and far beyond. This painting possesses underlying genetic traits with previous works such as “Auto-Erotic Sphinx with Toys”, “Dionysus”, and “Fuku-Shiva”. The work serves also as a nod to an earlier period of art inspiration during late teens and early twenties— born out of the nakedness, vulnerability, curiosity, and wonder inherent to coming of age and all subsequent psychedelic revelation.
Iconic Crypto Queen
(Virtual) blondes have more fun, right? #iconic ICONIC (Adj.): of, relating to, or having the characteristics of an icon. Widely recognized and well-established.
CAM 2D 1914 176/990
Em 1914, foi realizado o primeiro torneio oficial de futebol de Minas Gerais: a Taça Bueno BrandĂŁo. O AtlĂ©tico Mineiro disputou quatro partidas, ganhou trĂȘs e empatou uma, tornando-se campeĂŁo invicto, o primeiro tĂ­tulo de sua histĂłria. Esta camisa Ă© parte da coleção de 13 camisas icĂŽnicas do Galo. Complete a coleção 2D e ganhe um NFT exclusivo, que nĂŁo estarĂĄ Ă  venda, e um vĂ­deo de agradecimento de um craque do Galo.
#79026
By OthersideDeployer
Classical Collage
voronoi fun with some well known art