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 sell securities to companies that have not yet been listed on the Securities and Exchange Commission (SEC).
"While we are extremely disappointed with the approach the SEC has taken, we will continue to fight for a clearer future for NFT projects."
"The SEC is not investigating any specific
"I will not comment on whether any investigations are being conducted or not," he said. Cybercorns noted that he had suffered in silence for the past two years, when the SEC first contacted him.
The team explained that they presented a concerning position that blockchain games and ERC-20 tokens, when paired together, must be registered as securities.
Cybercorns reported that the SEC had expressed concerns about business related to Genesis Kongz in April 2021.
Iberkorns argued that it was a simple contract migration, but the SEC failed to understand this.
Cybercorns criticized the move, saying, "When they cannot even distinguish between primary sales and contract transfers, I question whether we can expect a clear regulatory path going forward."