Shockingly, Gary Gensler Doesn't Like Stoner Cats

The Breakdown

Blockworks

Business, Investing

4.8 • 806 Ratings

🗓️ 15 September 2023

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

The latest SEC action is a settlement with NFT project Stoner Cats. NLW discusses the community's response, which ranges from not-that-surprised to appalled at yet another example of unelected bureaucrats trying to expand their authority through enforcement. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the Big Picture Power Shifts remaking our world.
0:18.3	What's going on, guys? It is Thursday, September 14th, and today we are talking about stoner cats.
0:25.8	Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,
0:29.9	give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:33.3	come join us on the breakers discord. You can find a link in the show notes or go to bit.L.I. slash breakdown pod. All right, friends, well, I have to tell you. At this point, we really have
0:42.7	about four archetypes of breakdown shows. There's number one. Oh God, more cleanup from 2022.
0:48.6	There's number two. Hey, look, a new TradFi player is getting in the game. There's number three, hey look, a judge or elected official is smacking a regulator down.
0:56.5	And then there's number four, hey look, an unelected bureaucrat is trying to expand their power
1:01.5	again.
1:02.5	And today's show is indeed an example of the fourth, and the reason it matters is not just
1:07.5	because it's another SEC enforcement action, but because I do really think that this
1:11.5	represents and is a great example of that impulse to authority expansion. So what am I referring
1:17.4	to? Well, of course, I am referring to the SEC bringing its second enforcement action ever
1:22.9	against an NFT project. This time, the regulator targeted StonerCats, a profile picture
1:28.1	NFT collection that was sold to finance a web series. The SEC alleged that the sale of collectible
1:33.2	NFTs constituted the sale of unregistered securities. The production company behind the project
1:37.9	settled the allegations without admitting to the SEC's findings. So the details. StonerCats sold
1:43.4	out their collection in around 35 minutes at the
1:45.6	height of the NFT bull market in July 2021. The project raised $8 million from the sale. Marketing
1:51.4	materials highlighted Hollywood producers and big-name celebrities attached to the web series
1:55.5	and suggested that the success of the show would increase the value of the NFTs in secondary
	...

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