Tag: SEC

Artist Stages Crypto Protest In Front Of SEC With “Rug Pull” Exhibit

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Two years ago, controversial artist Nelson Saiers sparked a debate when he erected a massive inflatable rat outside the US Federal Reserve building in New York; now, the creator takes another jab at a US institution with a new crypto art exhibition. Crypto Art Exhibition Takes Jab At Scams According to a release shared with NewsBTC, a crypto art installation was placed in front of the US Securities and Exchange Commission (SEC). This time, Nelson Saiers portrayed a street vendor offering “rug pulls.” In this latest protest exhibition, Saiers highlighted…

Binance.US not cooperating with investigation, US SEC says in filing

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The United States Securities and Exchange Commission (SEC) has accused Binance.US of non-cooperation in the ongoing investigation against the crypto exchange, according to a court filing dated Sept. 14. The SEC in its court filing noted that Binance.US’s holding company called BAM has produced only 220 documents during the discovery process. Many of the submitted documents under the Consent Order “consist of unintelligible screenshots and documents without dates or signatures.” SEC added that BAM has refused to produce essential witnesses for deposition, instead agreeing only to four depositions of witnesses…

Two more top executives depart Binance.US amid layoffs, SEC action: Report

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Two more top executives are leaving Binance.US, one day after the departure of CEO Brian Shroder and the layoff of a third of its staff, The Wall Street Journal reported. Binance.US is the United States offshoot of the international cryptocurrency exchange. Head of legal Krishna Juvvadi and chief risk officer Sidney Majalya were said to be leaving. Juvvadi was hired in May 2022, coming from Uber, where he was global head of compliance. Majalya joined the company in December 2021 after being Intel’s chief compliance officer. Before Intel, he, too,…

Mila Kunis and Ashton Kutcher’s ‘Stoner Cats’ Indicted by SEC Over Unregistered Securities Offering

The SEC said Stoner Cats violated the Securities Act of 1933 by selling NFTs that qualify as investment contracts. Stoner Cats has agreed to a refund. The United States Securities and Exchange Commission (SEC) continues its widespread crackdown by going after “Stoner Cats”, an NFT-based web series from Hollywood couple Ashton Kutcher and Mila Kunis. According to the SEC, the NFTs qualify as unregistered securities. An SEC press release states that Stoner Cats sold over 10,000 NFTs for about $800 each. Upon purchase, the owner of the NFT exclusively accessed all six…

SEC Charges Stoner Cats With Alleged Unregistered $8 Million Securities Sale In NFT Crackdown

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In a recent move that intensifies the Securities and Exchange Commission’s (SEC) crackdown on the Non-Fungible Token (NFT) sector, the SEC has charged Stoner Cats 2 (SC2) with conducting an “unregistered offering of crypto asset securities.”  The charges specifically target Stoner Cats’ sale of non-fungible tokens, which raised approximately $8 million from investors to finance the production of an animated web series. SEC’s Legal Earthquake Hits NFT Market Once Again  The SEC order reveals that on July 27, 2021, SC2 sold over 10,000 NFTs to investors at approximately $800 each,…

This Latest Move Suggests SEC Lawsuit Against Ripple Is Pushing The Crypto Firm Outside The US

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Ripple may be in the process of leaving the United States market for good as the prominent crypto firm has stated that it will be acquiring the majority of its employee candidates from countries outside the US.  Ripple Will Recruit A Workforce Overseas US-based cryptocurrency solutions provider, Ripple has enacted plans to conduct its hiring processes outside US borders. The cryptocurrency firm has stated that over 80% of its workforce will be recruited from countries outside the US that encourage crypto adoption and innovation. The decision to hire the majority…

SEC charges company behind Stoner Cats NFT series with unregistered securities sale

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Stoner Cats 2 LLC (SC2), the company behind the Stoner Cats animated series, has agreed to a cease-and-desist order and other measures imposed by the United States Securities and Exchange Commission (SEC) after being charged with conducting an unregistered offering of crypto asset securities in the form of nonfungible tokens (NFTs).  According to the SEC, SC2 sold more than 10,000 NFTs for about $800 a piece. The sale took 35 minutes and occurred on July 27, 2021. Proceeds were used to fund the series. The NFTs allowed purchasers to view…

Mila Kunis-Backed Stoner Cats Faces SEC Enforcement Action for “Unregistered” NFT Offerings

According to the SEC, Stoner Cats NFT holders were incentivized to trade the NFTs, receiving a 2.5% royalty for each secondary-market transaction involving the collectibles. That encouraged individuals to buy and sell the NFTs in at least 10,000 secondary transactions worth more than $20 million, according to regulators. In addition, at least 20% were resold before the first episode of the Stoner Cats web series had even aired, the order shows. Source