Newsletter #124


This week’s featured collector is Gomezluisj

Gomezluisj is collects Ethereum and Solana NFTs. They have quite a well chosen NFTs. Check out their full collection at

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SEC Targets Stoner Cats NFTs in $1M Settlement; Dissenting Commissioners Advocate for Clearer NFT Guidelines, Citing Star Wars Collectibles

Stoner Cats

This week, the U.S. Securities and Exchange Commission (SEC) took aim at the creators of the Stoner Cats NFTs, in the agency’s second NFT enforcement action. The NFTs, sold to fund an animated series about house cats that become sentient after consuming medical marijuana, fetched approximately $8.2 million. The Stoner Cats creators also had aspirations to establish a DAO (decentralized autonomous organization) with Stoner Cats NFT holders, promising annual collaboration on new animation projects for three years. However, the SEC labeled the Stoner Cats NFT sale as an unregistered public offering, resulting in a $1 million settlement by the creators.

Two SEC commissioners, Hester Peirce and Mark Uyeda, voiced their dissent regarding the Commission’s actions against the NFT project. Their primary argument hinges on the comparison of NFTs to physical collectibles, stressing that the financial component does not necessarily transform NFTs into securities. They underscored the need for clear guidelines for artists and creators who wish to leverage NFTs to support their creative pursuits and build robust fan communities.

Drawing parallels to the 1970s Star Wars collectibles phenomenon, the dissenting commissioners highlighted the similarities between then-popular Star Wars “Early Bird Certificate Packages” and the Stoner Cats NFTs. Both offered fans a sense of belonging, exclusive content, and a tangible or digital collectible.

Cautioning against stifling creativity and innovation by imposing securities laws on NFTs, the Commissioners suggested that the SEC’s actions would deter content creators from harnessing the power of social networks and digital platforms for content creation and distribution. They wrote:

“The Stoner Cats NFT purchasers received what they paid for — a still image of a character from the series, access to all six episodes of the Stoner Cat series, and the excitement of being part of a popular phenomenon. The Commission’s application of the securities laws here makes little sense and discourages content creators from exploring ways to harness social networks to create and distribute content. More generally, it contributes to the legal ambiguity facing artists, writers, musicians, filmmakers, and others seeking to build a loyal, engaged following.”

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