PANews, December 17 - According to an official announcement from CyberKongz, its team has received a Wells Notice issued by the U.S. Securities and Exchange Commission (SEC). The NFT project CyberKongz stated that it has suffered from unfair accusations and misunderstandings from the SEC over the past two years, particularly regarding a lack of understanding of blockchain technology. The SEC believes that combining ERC-20 tokens with blockchain games requires registration as securities, a stance that could have far-reaching implications for the entire Web3 gaming industry. Additionally, the SEC has raised objections to the migration of the Genesis Kongz contract in April 2021, mistakenly viewing it as an initial sale. CyberKongz stated it will resolutely fight for a clearer regulatory path for NFT projects and the Web3 industry, and calls on the community to work together to promote industry development.
