CyberKongz has received a Wells Notice from the SEC.
We are extremely disappointed at the approach the SEC has taken towards us, but we are going to stand up and fight for a brighter future that holds more clarity for NFT projects.
We have been suffering in silence for the last two years, ever since we first received contact from the SEC. Throughout the entire process they have showcased a complete lack of understanding of blockchain technologies that has resulted in unjust accusations and information inaccuracies.
CyberKongz is a project deep-rooted in gaming and the SEC’s Division of Enforcement have approached us with very concerning rhetoric that you can not have a token (ERC-20) in tandem with a blockchain game without registering it as a security. This discourse would have major implications for the entire web3 gaming industry, and we will defend against this stance for the wider space.
In addition, the SEC has also demonstrated a perplexing interpretation of smart contracts. One of their major concerns with CyberKongz is around the 'sale' of Genesis Kongz in April 2021, which was actually a contract migration. If they cannot distinguish between a primary sale and a contract migration, what hope do we currently have for a clear regulatory pathway going forward?
CyberKongz have a small team, have never raised capital or had a large treasury, yet we have chosen to take this fight as we have always believed in pushing this space forward. Our vision has always been on innovation and pushing boundaries in web3. We are now going to fight for a clearer regulatory pathway for digital assets on the blockchain.
It has become increasingly apparent that the current administration is trying to force their anti-crypto agenda at the last minute. We hope that the new administration puts an end to this unjustness on our industry, but until then we will fight for NFT projects on all chains. We stand with @brian_armstrong, @dfinzer, @haydenzadams, and many others who are leading this fight for our industry.
It is a huge sigh of relief to have these shackles lifted from us and put this into a public domain. We want to say that we are here for any project that is going through this also and can offer a helping hand anytime.
For the CyberKongz community, this is the start of a new beginning. One without the burden of us suffering in silence and working in fear. It is time for CyberKongz to push forward without this holding us back. We firmly believe brighter times are ahead for all of us.
#KongzTogetherStrong
I genuinely think $PENGU could be at least a $5bn coin on launch.
With 70% circulating that would be a $3.5bn injection of liquidity into the market.
Things might get silly here; bullish for memecoins and seemingly NFTs.
Announcing Eliza Labs and our partnership with Stanford University FDIC https://t.co/Xsyukn6wal
Eliza Labs is a foundation setup to accelerate growth of the ecosystem. Will share more details below about what this initiative focuses on 🧵
There is a key difference between NFT's and meme coins. NFT's are priced in the underlying crypto.
If ETH goes up 4x and your @CryptoDickbutts, @rektguyNFT or MFer goes up 4x in ETH terms, you get 16x performance... all for a small outlay.
Few understand this optionality ;-)
Why RLUSD?
✅ Fully backed by US dollar deposits, US govt bonds and other cash equivalents with monthly third-party audits
✅ Multi-chain support
✅ Built for cross-border payments, DeFi integration, and bridging between fiat and crypto
RLUSD is a step toward the future of finance.
https://t.co/OXkGnRE4ax
In addition to Sheila Bair, David Puth and Chris Larsen — the Ripple stablecoin Advisory Board welcomes:
➡️Raghuram Rajan (former Reserve Bank of India Governor)
➡️Kenneth Montgomery (former First VP and COO, Federal Reserve Bank of Boston)
A team like no other.