$GALA important implications for game tokens following the Wells notice to CyberKongz by the SEC
Game tokens could face a setback after the non-fungible token (NFT) platform CyberKongz received a Wells notice from the United States securities regulator.
The Securities and Exchange Commission (SEC) raised the "concerning rhetoric" that an ERC-20 token cannot be issued alongside a blockchain game without first being registered as a security, CyberKongz said in an X post on December 16.
CyberKongz stated that the enforcement action is a last-minute attempt by the Biden administration to roll back the industry, and added:
"We hope the new administration will put an end to this injustice in our industry, but until then we will fight for NFT projects across all chains."
The price of CyberKongz NFT was not affected by the Wells notice and continues to rise by 11.7% in the last 24 hours to an average minimum price of 6.69 Ether.
Last month, the Australian NFT and gaming company Immutable also received a Wells notice from the SEC on November 1; however, it has not reported any enforcement action against it since then.
now even NFTs the SEC wants to classify them as securities what else would classify as securities the Solana memes
