SEC Commissioners Criticize $750K FlyFish Club NFT Settlement, Call for More Room for Experimentation
AI Summary
According to Cointelegraph: SEC Commissioners Hester Peirce and Mark Uyeda have criticized their agency’s $750,000 settlement with FlyFish Club, a non-fungible token (NFT)-based restaurant, for allegedly conducting an unregistered offering of crypto asset securities. The SEC claimed FlyFish made $14.8 million by selling 1,600 NFTs, triggering securities laws. However, Peirce and Uyeda argued the NFTs were merely a creative membership model and shouldn’t fall under securities regulations.