SEC commissioners slam agency after $750K FlyFish Club NFT settlement

SEC commissioners Hester Peirce and Mark Uyeda didn’t believe any US securities laws were triggered and urged the commission to give NFT firms more room to experiment.

Two commissioners from the United States Securities and Exchange Commission have slammed their agency for seemingly cornering non-fungible token-themed restaurant Flyfish Club into a $750,000 settlement.

The SEC said Flyfish “conducted an unregistered offering of crypto asset securities” by selling 1,600 NFTs to US investors and making $14.8 million from two price points, according to a Sept. 16 cease and desist order.

However, SEC commissioners Hester Peirce and Mark Uyeda criticized the enforcement action, arguing the Flyfish NFTs were “simply a different way to sell memberships” and thus didn’t trigger securities laws.

SEC commissioners Hester Peirce and Mark Uyeda didn’t believe any US securities laws were triggered and urged the commission to give NFT firms more room to experiment.
Two commissioners from the United States Securities and Exchange Commission have slammed their agency for seemingly cornering non-fungible token-themed restaurant Flyfish Club into a $750,000 settlement.The SEC said Flyfish “conducted an unregistered offering of crypto asset securities” by selling 1,600 NFTs to US investors and making $14.8 million from two price points, according to a Sept. 16 cease and desist order.However, SEC commissioners Hester Peirce and Mark Uyeda criticized the enforcement action, arguing the Flyfish NFTs were “simply a different way to sell memberships” and thus didn’t trigger securities laws.Read more