Two SEC commissioners criticized the agency for a $750,000 settlement with NFT-themed restaurant Flyfish Club. The SEC accused Flyfish of conducting an unregistered offering of crypto asset securities by selling NFTs to US investors. However, the commissioners argued that the NFTs were just a different way to sell memberships and did not violate securities laws. Flyfish NFTs were intended for customers to use at their upcoming restaurant in Manhattan. Despite not admitting guilt, Flyfish agreed to destroy remaining NFTs and forgo future royalties. The SEC, led by Gary Gensler, has targeted other NFT projects in recent months. Entrepreneur Gary Vaynerchuk, behind the Flyfish NFTs, has been active in the NFT space. The SEC's actions have raised concerns about stifling innovation in the NFT market. Read more AI-generated news on: https://app.chaingpt.org/news

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