Revenge of the Clown World at the SEC

We now have the Securities Exchange Commission (SEC) divergence. A government regulator is being very clear on the internal chaos on what a security is. Lets compare it to Star Wars action figures is what Commissioner Hester Peirce AKA Crypto Mom compares the Stoner Cats to.

While updated for the digital age,[7] the Stoner Cats NFTs are not that different from Star Wars collectibles sold in the 1970s. On the heels of the very successful release of Star Wars in 1977, fan excitement was high.[8] To the delight of millions of children that holiday season, the toy company Kenner sold “Early Bird Certificate Packages,”[9] redeemable for future Luke Skywalker, Princess Leia, and R2-D2 action figures and membership in the Star Wars fan club. The sales of these certificates helped to build a die-hard community of Star Wars fans. Would those I.O.U. certificates, which could be re-sold, constitute investment contracts? Using the analysis of today’s enforcement action, the SEC should have parachuted in to save those kids from Star Wars mania.

This brings back the point of Beanie Babies of A Tale of Three Crypto Coins. What is a security? Does it just truly come down to “Intent”.

¹ Notes:

1. https://www.sec.gov/news/statement/peirce-uyeda-statement-stonercats-091323