Odaily News Hester Peirce, head of the SEC's crypto task force and commissioner, said that crypto projects like Stoner Cats that raise funds through NFTs should be exempt from applicable securities regulations, and revealed that the SEC may issue a clarification statement on this soon.
Peirce said in an interview behind the scenes of the SEC's first crypto roundtable that the SEC's statement yesterday that "proof-of-work mining is not a security" has received positive feedback, and she believes that NFTs are expected to be the next asset class to receive regulatory exemptions. She said it would be very helpful if the SEC could provide a clear framework or reference mark for NFT issuers.
Previously, Stoner Cats and Flyfish Club were sued by the SEC under the leadership of former SEC Chairman Gary Gensler for NFT fundraising. Stoner Cats raised $8 million for animation production through the sale of NFTs, and Flyfish Club raised more than $14 million for private restaurant construction through the sale of NFTs. These NFTs can be traded in the secondary market and have a royalty sharing mechanism.
Peirce emphasized that even if exemptions are introduced in the future, not all NFT projects will be automatically exempt from securities regulation. If NFT is essentially a securitized token, relevant regulations will still apply.
In addition, the U.S. Congress is also promoting legislation to legalize NFT fundraising activities with equity, membership or artistic attributes. (Decrypt)