CandleFocus Days before opening, Flyfish Club settles with SEC for $750K
2024-09-16
Author: Content Editor
Flyfish Club, the company behind a members-only club in Manhattan, has settled with the Securities and Exchange Commission (SEC) over alleged violations. As part of the settlement, Flyfish must destroy all its non-fungible tokens (NFTs), stop accepting royalty payments, and pay a civil penalty of $750,000. The club sold memberships through NFTs, raising $14.8 million, which was used to finance the construction of the club. The SEC accused Flyfish of misleading investors about potential profits from the NFTs and the ability to lease them out. The club is scheduled to open this week, but NFT holders can still lease their tokens for access. Two SEC commissioners issued a dissenting opinion, arguing that the NFTs were utility tokens and not securities.
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