US regulator fines Stoner Cats creator for offering NFTs

FILE PHOTO: The headquarters of the U.S. Securities and Exchange Commission (SEC) are seen in Washington, July 6, 2009. REUTERS/Jim Bourg/File Photo

(Reuters) - The creator of the popular Stoner Cats animated web series will pay a $1 million civil fine to settle U.S. Securities and Exchange Commission charges it conducted an unregistered offering of crypto asset securities by selling non-fungible tokens, the regulator said on Wednesday.

Stoner Cats 2 LLC did not admit or deny wrongdoing in settling charges it illegally raised $8.2 million in July 2021 by selling 10,320 NFTs for about $800 each, which sold out in 35 minutes.