Advertise
๏ปฟAnjali Belgaumkar
๏ปฟAnjali Belgaumkar
Author
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto โEnthusiastโ but trust me I'm getting there.
- Dec 17, 2024 03:48 UTC
-
SEC Hits Gaming Firm CyberKongz With Wells Notice, Clash Over ‘Sale’ of Genesis Kongz
CyberKongz faces SEC Wells Notice over Genesis Kongz sale, pledging to fight for clearer crypto regulations.
CyberKongz calls SEC's stance on blockchain tech inaccurate, aiming to protect NFT and gaming community rights.
NFT project CyberKongz has announced that it has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC). A Wells Notice is typically issued when the SEC believes a company has violated securities laws, signaling potential enforcement action.
The team behind CyberKongz expressed their disappointment with the SEC’s approach, claiming that the regulator has shown a lack of understanding of blockchain technology. They argue that this has led to inaccurate accusations and confusion about their project.
CyberKongz has been in contact with the SEC for over two years, with the most recent issue surrounding the combination of an ERC-20 token and a blockchain game. CyberKongz has pledged to fight this stance, not just for their own project, but for the broader NFT and blockchain gaming community. โWe have been suffering in silence for the last two years, ever since we first received contact from the SEC,โ they said.
Genesis Kongz โSaleโ Dispute: SEC vs. CyberKongz
A key point of contention between the SEC and CyberKongz involves the “sale” of Genesis Kongz in April 2021. The CyberKongz team explains that this was actually a contract migration, not a sale. They argue that if the SEC cannot distinguish between a primary sale and a contract migration, it raises concerns about the clarity of regulatory guidelines for digital assets moving forward.
CyberKongz Fights SEC: A Push for Clearer Crypto Regulations
The CyberKongz team also expressed concern that the current administration may be pushing an anti-crypto agenda. However, they are positive that the new administration will bring more fairness to the regulatory landscape.
In their statement, CyberKongz also expressed solidarity with other leaders in the space, such as Brian Armstrong, Devin Finzer, and Hayden Adams, who are also fighting for clearer regulations.
“For the CyberKongz community, this is the start of a new beginning. One without the burden of us suffering in silence and working in fear,”
They Concluded.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
Yes 
No 
