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Two U.S. Sec Commissioners Oppose the SEC’s Enforcement Action Against the NFT Project Stoner Cats 2 LLC

On September 14th, the US Securities and Exchange Commission (SEC) commissioners Hester M. Peirce and Mark T. Uyeda opposed SEC's enforcement action against the NFT project Stoner Cats 2 LLC (SC2), saying that we should establish clear guidelines for artists and other creators who want to try NFTs to support their creative efforts and build their fan communities, and that in some cases, the sale of NFTs may involve securities laws.

However, when applying securities laws to this field, SEC must be careful to maintain the ability of artists to sell their works, build fan communities, and involve them in future creative activities. Previously, US SEC charged Stoner Cats 2 LLC (SC2) with conducting unregistered securities offerings in the form of NFTs, raising about $8 million from investors to fund an animation called "Stoner".

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