SEC Rejects Securities Laws for Flyfish NFTs

Understanding the Flyfish NFT Case
Recently, the SEC (Securities and Exchange Commission) made headlines with its actions against the Flyfish Club NFT collection. This unique collection of non-fungible tokens (NFTs) was sold by a dining establishment offering exclusive access to a future restaurant and bar. The SEC had charged Flyfish Club with an unregistered offering of crypto asset securities but settled with a $750,000 penalty.