Chokepoint 3.0
We have seen in the last 30 days 2 enforcement actions by the SEC vs NFT collectibles and their projects.
There are now 2 agreements and settlements in place that admit no wrong doing in both.
The first involved Impact Theory creator also founder of Quest nutrition bars which I enjoy and have for sometime (he sold out of Quest though side note) his founders keys #nfts you can read about the dissent opinions from other members at the #SEC on taking this action
https://www.sec.gov/news/statement/peirce-uyeda-statement-nft-082823#_ftn1
The Securities and Exchange Commission point out this project owner offered refunds multiple times. The question would be if the SEC is saying they are taking actions to protect investors how is this protecting investors to collect a fine and gather money that was already offered to the buyers that they call investors?
“Even though we believe strongly that adults should be able to spend their money as they choose, we share our colleagues’ worry about the type of hype that entices people to spend almost $30 million for NFTs seemingly without having a clear idea about how they will use, enjoy, or profit from them. This legitimate concern, however, is not a sufficient basis to pull the matter into our jurisdiction. The handful of company and purchaser statements cited by the order are not the kinds of promises that form an investment contract. We do not routinely bring enforcement actions against people that sell watches, paintings, or collectibles along with vague promises to build the brand and thus increase the resale value of those tangible items.”
I dont know Tom Bilyeu but to me he went above and beyond he offered multiple refunds and tried to say this is a collectible and he didnt want his Discord to involve into talking about nft price action and floor price so he set rules to cut down on talk/speculation and offered refunds to those that bought for a flip to profit. The guy even offered to buy back secondary market purchases which most nft projects wont be able to even do so really why did they target him for an action?
https://t.co/Y2hp3cbh91 @TomBilyeu have no problem in agreement you were targeted likely for your media reach in numbers on socials.
You mention #sec dissent brought up your multiple offers of rebate and you hoped questions help others.
The cost if #nfts are required 1/2
— Brandon Jordan🛡 (@FloridaBuyHome) September 14, 2023
Why are SEC agents spending taxpayer dollars sitting in Discord social media apps?
I have written in the last month about Chokepoint 2.0 in regards to the government attempts to cut off onbaording of crypto via banks and financial institutions not a term I created it was created by all accounts via Nic Carter of Castle Island Ventures, I dont agree with him on most of his views outside of crypto but do agree with him on this taking place.
https://activerain.com/blogsview/5806690/chokepoint-2-0
It was discussed in conference with some elected officials making comments on the topic now on the record.
“CoinDesk’s Consensus 2023 conference titled “Crypto Banished From the Banking System.”
If you don’t know the origin of Chokepoint here is 1.0
https://en.wikipedia.org/wiki/Operation_Choke_Point
The second case involved Stoner Cats. https://www.stonercats.com/
“In the before-times (aka pre-pandemic), three seasoned creators, Ash Brannon, Chris Cartagena, and Sarah Cole developed a little show called Stoner Cats. Based on Sarah’s personal experience with her mother, Stoner Cats is a story of a woman who uses medical marijuana to alleviate her early Alzheimer’s symptoms and her beautiful family of cats who will do literally anything to save her.
Once Mila Kunis and her Orchard Farm Productions partners heard this story, they knew that a hilarious and intimate story like this needed to have deep direct engagement with its audience. So they formed a formidable collective of voice talent, animators, and creatives of all kinds to come together with technology and NFT experts (including the brilliant minds behind CryptoKitties) to bring this story to life using NFTs.
10,420 unique NFTs were created based on the characters in the show. These NFTs were minted and sold on July 27, 2021.
6 episodes of Stoner Cats were produced, accessible only to those holding the NFT digital collectibles.
Stoner Cats NFTs gave holders access to the content creators of the show, making it one of the first projects to use NFTs to create a community of holders who get to see behind the curtain as an animated series is made and interact directly with top-level Hollywood talent.
Just like its digital collectible NFTs, we believe the Stoner Cats content should live on the blockchain and be accessible for many generations to come.
This website and Stoner Cats content will be available in perpetuity using decentralized hosting and archiving service Arweave. We do not control the content and the content can never be removed.”
The show was funny and yes I am a StonerCats #nft holder again I question why target this nft project when there are so many that were just flat out scams or what is called rug pulls that took peoples money and never created a Thing.
As with Tom mention above I dont know Gary Vee or Ashton, Mila or any of the actors that voices the series but both seem to be putting out creativity and the American Dream of innovation. I have not heard the term used yet but I think chokepoint 3.0 is the label now used for #NFTS
I will leave this post with this thought that I posed in StonerCats Discord today to GaryVee of Veefriends
and a tweet/X I sent from my 2nd Twitter profile almost two years ago now.
Chokepoint 3.0
Continuing with my #NFT #Crypto posts series if your just seeing this one you might also be interested in my previous post here on Medium
