News Explorer — SEC Commissioners Criticize SEC's Treatment of Restaurant Chain Over NFT Sales

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Sep 17, 1:32 pm

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SEC Commissioners Criticize SEC's Treatment of Restaurant Chain Over NFT Sales

SEC Commissioners Hester Peirce and Mark Uyeda criticized the SEC for its treatment of Flyfish Club, a restaurant chain that settled with the SEC over the sale of NFTs. The SEC accused Flyfish Club of failing to register their NFT collection as securities, but the dissenting commissioners argued that the securities laws were unnecessary and harmful in this case. They defended the ability of chefs and artists to sell memberships and collect royalties from their work.

SEC Commissioners Hester Peirce and Mark Uyeda criticized the SEC for its treatment of Flyfish Club, a restaurant chain that settled with the SEC over the sale of NFTs. The SEC accused Flyfish Club of failing to register their NFT collection as securities, but the dissenting commissioners argued that the securities laws were unnecessary and harmful in this case. They defended the ability of chefs and artists to sell memberships and collect royalties from their work.

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