NFT collectible Cybercorns will ”fight back” after receiving Wells Notice from SEC

It has been revealed that the NFT collection CyberKongz has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC).
According to The Block on the 16th (local time), CyberKongs announced via X (formerly Twitter) that the SEC would be recommending enforcement action against the company.
Cybercorns said it had received a Wells Notice, an official communication of intent that allows it to file a lawsuit against the SEC.
"We are extremely disappointed with the approach taken, but we will fight for a clearer future for NFT projects."
According to the report, an SEC spokesperson said in an emailed statement: "The SEC
"We don't comment on whether a specific investigation is ongoing," he said. Cybercorns noted that he had suffered in silence for the past two years when the SEC first contacted him.
He explained that the SEC enforcement team has taken the worrying position that blockchain games and ERC-20 tokens together must be registered as securities.
Cybercorns reported that the SEC had raised concerns about business related to Genesis Kongz in April 2021.
The company argued that it was a simple contract migration, but the SEC failed to understand this.
Cybercorns said, "We are in a situation where they cannot even distinguish between primary sales and contract transfers, so we doubt whether we can expect a clear regulatory path in the future."
Q." he criticized.