🐈Ashton Kutcher Settles With SEC For $1M Over Stoner Cats NFTs

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The SEC's action against Ashton Kutcher's Stoner Cats NFT collection ended in a $1M settlement on the same day it was filed. The project raised $8M from selling NFTs to finance the development of an animated series in 2021.

Sony Network Communications is teaming up with Startale Labs to build the newly announced Sony Chain blockchain. Sony Network Communications is Sony's IoT and AI-focussed subsidiary.

LayerZero has tapped Google Cloud for oracle services, with Google Cloud set to validate messages sent via the LayerZero protocol by default from Sept. 19. The news coincided with confusion surrounding whether the project has ruled out launching a token in the future.

✍️ In today’s newsletter:

Stoner Cats settles SEC lawsuit for $1M
Sony subsidiary announces plans for Sony Chain
LayerZero taps Google Cloud for oracle services

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Regulation

SEC Reaches $1M Settlement With Ashton Kutcher’s Stoner Cats NFT Project

TLDR Ashton Kutcher's Stoner Cats NFT collection became the latest web3 project to find itself in the cross-hairs of the SEC, with the agency accusing the project of distributing unlicensed securities. However, the suit was settled for $1M on the same day it was filed.

SO WHAT The news comes as web3 advocates criticize the SEC for its aggressive campaign of regulation-by-enforcement targeting the crypto sector. The move also follows last week's action against media company come-NFT issuer, Impact Theory, which similarly ended in a $6M settlement.

Business

Sony Unveils Plans To Develop Blockchain

TLDR Sony's AI and IoT-focused subsidiary is teaming up with Startale Labs to launch the Sony Chain blockchain. Sony Network Communications said it hopes for the chain to become a backbone of global web3 infrastructure, suggesting the network will support applications unrelated to Sony.

SO WHAT Sony's entrance into the web3 sector comes as an increasing number of mainstream company's are competing for a share of the crypto market. 2023 has already hosted the launch of PayPal's stablecoin, Nubank's Layer 3 appchain, and BlackRock's Bitcoin ETF bid.

Business

LayerZero Taps Google Cloud Oracle For Message Verification

TLDR LayerZero is the latest web3 firm to ink a deal with Google Cloud. Google Cloud now provides oracle services to LayerZero, and will validate each message sent via the cross-chain interopability protocol by default from Sept. 19.

SO WHAT The news comes as LayerZero adoption is sky high, with analysts attributing the activity to opportunistic airdrop hunters. While a recent video appears to show a LayerZero member shooting down airdrop hopefuls, the project's CEO said the comments were taken out of context.

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🌍 ELSEWHERE

FTX Approved to Start Selling Its $3.4 Billion Crypto Hoard (Bloomberg)
BNB Chain’s Layer 2 Network opBNB Goes Live (CoinDesk)
Singapore’s central bank slugs Three Arrows founders with 9-year ban (Cointelegraph)