In a recent statement, U.S. SEC Commissioners Hester Peirce and Mark Uyeda criticized the SEC for its treatment of Flyfish Club, LLC, a restaurant chain that settled with the SEC for selling NFTs. The club agreed to destroy all NFTs, pay a civil penalty of $750,000, and stop collecting royalties from NFT sales. The commissioners argue that the SEC's application of securities law to NFTs is misguided and overreaching. They believe that NFTs were simply a different way to sell memberships and that creative individuals should be able to profit from their work.



Other News from Today