NFT Marketplaces Restrict Stoner Cats After SEC Lawsuit
Top NFT marketplaces, including OpenSea, Rarible, and Blur, have all restricted trading of Stoner Cats—the first animated NFT project—following a lawsuit filed by the SEC.
NFT Marketplaces Restrict Stoner Cats After SEC Lawsuit
NFT platforms have begun implementing various restrictions on Stoner Cats since September 18. Specifically, OpenSea and Blur have hidden the Stoner Cats collection from certain listings and individual pages.
OpenSea confirmed that Stoner Cats cannot be bought, sold, or transferred on the platform, although the collection has not been delisted or removed. This means users can still search for and view the collection.
In contrast, Rarible has completely hidden the project’s collection, stating that it has “been removed from public view.”
The reason for the restriction on Stoner Cats stems from a lawsuit filed by the U.S. Securities and Exchange Commission (SEC), accusing Stoner Cats 2 LLC (SC2) of conducting an illegal NFT offering.
The SEC alleges that Stoner Cats intended to unlawfully raise over $8 million from investors through the sale of more than 10,000 NFTs starting in August 2021, with each NFT priced around $800. SC2’s promotional campaign highlighted specific benefits of owning the NFTs, including the ability for owners to resell them on third-party markets.
According to the SEC, SC2 violated the Securities Act of 1933 by offering securities without proper registration and has been ordered to compensate $1 million.
The floor price for Stoner Cats NFTs is currently 0.0589 ETH, equivalent to $96.
Stoner Cats Floor Price
Source: NFT Price Floor
Stoner Cats is an animated NFT project created by actress Mila Kunis, who also voices characters in the series. This is the second NFT project to face SEC enforcement, following similar accusations against Impact Theory—a podcast content studio—for unlawfully offering unregistered securities as NFTs in August 2023.
