Peirce, head of SEC encryption: Support fundraising through NFT, related projects may be exempted from securities supervision

Odaily Planet Daily News Hester Peirce, head of the SEC's crypto task force and commissioner, said that crypto projects like Stoner Cats that raise funds through NFTs should be exempted from applicable securities regulations, and revealed that the SEC may soon issue a clarification statement on this. Peirce said in an interview behind the scenes of the SEC's first crypto roundtable that the SEC's statement yesterday that "proof-of-work mining is not a security" received positive feedback, and she believes that NFTs are expected to become the next asset class to receive regulatory exemptions. She said that it would be very helpful if the SEC could provide a clear framework or reference mark for NFT issuers. Previously, Stoner Cats and Flyfish Club were sued by the SEC under former SEC Chairman Gary Gensler for NFT fundraising. Stoner Cats raised $8 million for animation production by selling NFTs, and Flyfish Club raised more than $14 million for private restaurant construction through NFT sales. These NFTs can all be traded in the secondary market and have a royalty sharing mechanism. Peirce emphasized that even if exemptions are introduced in the future, not all NFT projects will be automatically exempt from securities regulation. If the NFT is essentially a securitized token, relevant regulations will still apply. In addition, the US Congress is also promoting legislation to legalize NFT fundraising activities with equity, membership or artistic attributes. (Decrypt)