Hester Peirce Slams
SEC for 'Misguided and Overreaching' Cases
inFlyfish
Club NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен Dissent
Hester Peirce Slams SEC for 'Misguided and Overreaching' Cases in
Flyfish Club NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен Dissent
The application of SEC rule to the Flyfish Club NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен case was "harmful both in
the present case and as future precedent," the commissioners wrote.
By Will McCurdy
Sep 17, 2024 Sep 17, 2024
•
2 min read
Hester Peirce is a crypto-friendly SEC Commissioner. Image: Stephen
Graves/Decrypt.
Decrypt’s Art, Fashion, and Entertainment Hub.
Discover• Объект бренды » Бренды на d » Discover SCENE
U.S• Соединённые Штаты Америки (США). Securities and Exchange (SEC) Commissioners Hester Peirce and Mark Uyeda
have slammed the SEC over an "endless series of misguided and overreaching
cases" in a recent statement .
The dissenting commissioners pointed to the SEC’s treatment of Flyfish Club,
LLC, a "high end" restaurant chain that recently settled with the SEC.
Flyfish Club sold NFTs during 2021 and 2022 to provide members an exclusive
way to access a yet-to-be-built restaurant and bar ahead of its opening.
Earlier this week, the club agreed to “destroy all Flyfish NFTs in its
possession,” pay a civil penalty of $750,000, as well as stop collecting
royalties from the sales of the NFTs on secondary markets.
AD
AD
The project was backed by prominent online entrepreneur Gary Vaynerchuk, and
the chain is set to open its first restaurant in New York• Соединённые Штаты Америки (США) » Административные единицы США » Административное деление США » Нью-Джерси » Нью-Йорк
• Соединённые Штаты Америки (США) » Населенные пункты США » Города США » Города штата Нью-Йорк » Нью-Йорк’s wealthy Upper East
Side later this week .
Flyfish created approximately 3,000 NFTs ahead of the launch, raking in total
proceeds of $14.8 million for the sales. Prices for the upper-tier NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен
offering, dubbed “Omakase” NFTs, reached up to $14,300 according to
Commisoners' statement.
The SEC’s recent judgment• Государство » Законы и право » Правовая система России » Судебное право России » Решение судебное did not allege that Flyfish Club had engaged in
fraud, only that they failed to register their NFT collection• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен as securities.
The SEC justified the recent judgment• Государство » Законы и право » Правовая система России » Судебное право России » Решение судебное, by saying they had told NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен buyers they
could “potentially profit” from buying the NFTs.
But Commissioners Peirce and Uyeda accused the SEC of being overzealous with
their application of securities law to NFTs.
AD
AD
“The securities laws are not needed here, and their application is harmful
both in the present case and as future precedent,” said the Commissioners.
“The Flyfish NFTs were simply a different way to sell memberships.”
They added: “Why shouldn’t a chef be able to sell memberships to eat at her
kitchen table and to collect royalties on resales of those memberships?”
The statement expressed enthusiasm about the potential of creative people,
like chefs or artists, to make money from their work, saying that these type
of experiments are “not a threat to the American investor.”
Edited by Stacy Elliott .
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a
podcast, videos and more.
STARTTEXT
Your Email• Коммуникации » Интернет-коммуникации » Электронная почта
Get it!
Get it!
AD
Your gateway into the world of Web3
Partner
News
Deep Dives
University
Coins
Videos
Event Calendar
Podcasts
News Explorer
Bitcoin Halving
About
Team
Disclosures
Manifesto
Terms of Service
Code of Conduct
1000x Member Terms of Service
Privacy Policy
Contact
Careers
Jobs
Shop