<ul><li>CyberKongz, a non-fungible token (NFT) platform, has received a Wells notice from the US Securities and Exchange Commission (SEC).</li><li>The SEC believes there may be securities law violations and is preparing to take action against the platform.</li><li>One of the issues the SEC has with CyberKongz is the 'sale' of its Genesis Kongz NFTs in April 2021, which CyberKongz claims was a contract migration rather than a sale.</li><li>CyberKongz stated that the Biden administration is attempting last-minute enforcement action and hopes for a clearer regulatory pathway in the industry.</li></ul>

CyberKongz receives “concerning rhetoric” in Wells notice from the SEC

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