The company behind the non-fungible tokens, NFTs, has to pay a $1 million fine and destroy all of them as part of a settlement with the SEC.
The SEC had accused Stoner Cats 2 LLC of conducting an unregistered offering of cryptoasset securities in the form of nFTs that raised approximately $8 million to finance an animated web series called Stoner Cats.
The project announced that celebrities such as Vitalik Buterin, Jane Fonda, Seth McFarlane, Ashton Kutcher and Chris Rock would be featured in the series.
According to the SEC, the business plan offered the benefits of selling a security to the public, while ignoring the legal responsibilities that come with it.
Read more on how this all came about here.
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