The post CyberKongz Promises to Fight for NFT Industry After Receiving SEC Wells Notice appeared on BitcoinEthereumNews.com.

The United States Securities and Exchange Commission (SEC) could be planning to bring an enforcement action against popular NFT collection CyberKongz.  According to an announcement, the development comes as the securities regulator issued a Wells Notice to the project.  CyberKongz has received a Wells Notice from the SEC. We are extremely disappointed at the approach the SEC has taken towards us, but we are going to stand up and fight for a brighter future that holds more clarity for NFT projects. We have been suffering in silence for the last… pic.twitter.com/lc6hyzUPb0 — CyberKongz (@CyberKongz) December 16, 2024 A Wells Notice is a form of communication the SEC issues to companies following an investigation, hinting that it may recommend an enforcement action against the recipient.  CyberKongz Highlights SEC Misunderstanding of Blockchain  According to the post, CyberKongz expressed disappointment with the development, noting that it has suffered in silence since the SEC launched its investigation in 2022.  The project emphasized that the SEC demonstrated a lack of understanding of blockchain, which resulted in inaccurate information and unjust accusations.  Specifically, the SEC claimed that CyberKongz should have registered with the agency for having a blockchain game alongside an ERC-20 token. Additionally, CyberKongz revealed the SEC misinterpreted its contract migration for Genesis Kong NFTs in April 2021 for a token sale.  “If they cannot distinguish between a primary sale and a contract migration, what hope do we currently have for a clear regulatory pathway going forward?” CyberKongz quizzed.  CyberKongz to Fight for the NFT Industry  Interestingly, CyberKongz plans to defend itself should the SEC decide to file a lawsuit. It promised to fight for regulatory clarity for the NFT sector, irrespective of its small team and limited resources.  Furthermore, the project called out the current administration for attempting to push its anti-crypto agenda in…

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Filed under: News - @ December 17, 2024 4:23 pm