SEC fines Stoner Cats creator for offering NFTs

Sept 13 (Reuters) – The creator of the Stoner Cats animated web series will pay a $1 million civil fine to settle U.S. Securities and Exchange Commission charges it conducted an unregistered offering of crypto asset securities by selling non-fungible tokens, the regulator said on Wednesday.

Stoner Cats 2 LLC did not admit or deny wrongdoing in settling charges it illegally raised more than $8 million by selling more than 10,000 NFTs for about $800 each, which sold out in 35 minutes in July 2021. It also agreed to destroy all NFTs in its possession.

Reporting by Jonathan Stempel in New York

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