U.S. SEC Issues Wells Notice To CyberKongz
CyberKongz, a reputable NFT platform, recently received a Wells notice by the U.S. Securities and Exchange Commission (SEC). On December 16th, CyberKongz revealed that the SEC does not believe the platform has the proper registration required to issue ERC-20 tokens. CyberKongz has been given 30 days to respond to the notice.
The Wrath Of The SEC
The concerns by the SEC are believed to center on the sale of Genesis Kongz NFTs in April 2021. However, CyberKongz clarified that this was a contract migration and not a primary sale. The platform emphasized that it has operated primarily on a self-funded basis, without raising capital, and has a small treasury, despite enduring scrutiny for over two years.
CyberKongz speculated that the actions taken by the regulatory agency may be part of a broader effort to slow the growth of the Web3 space. The team is hopeful that the situation will improve under newly elected U.S. President Donald Trump, and it remains committed to advocating for NFT projects across all platforms.
Showing Resilience
Despite receiving the Wells notice, the CyberKongz NFT market has shown resilience. According to CoinGecko, the floor price for CyberKongz NFTs rose by over 19% in the last 24 hours, reaching an average of 8.59 ETH, or approximately $26,900.
This marks the second notable Wells notice served to a gaming and NFT firm in recent months, following a similar notice to Australian-based Immutable on November 1st. CyberKongz has also received backing by Axie Infinity co-founder Jihoz Zirlin, who believes the persecution of Web3 innovators will eventually end under the new Trump administration.
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