TechFlow reports that on December 17, the NFT project CyberKongz announced it had received a Wells Notice from the SEC. The project team revealed that the SEC's Enforcement Division believes ERC-20 tokens not registered as securities cannot be used in conjunction with blockchain games. CyberKongz stated that it has been communicating with the SEC for the past two years, but noted that regulators lack sufficient understanding of blockchain technology—going so far as to confuse smart contract migrations with primary market sales. Although the team did not conduct fundraising and does not hold substantial financial reserves, it has decided to speak up on behalf of the entire Web3 gaming industry to advocate for a clearer regulatory framework around digital assets.
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