Texas and Alabama regulators issue an emergency cease and desist order to Sand Vegas Casino Club
Sand Vegas Casino Club or SVCC is a virtual Cyprus-registered casino that had planned to release a collection of around 111,111 NFTs. But the states securities regulators of Texas and Alabama issued an emergence cease and desist order against Sand Vegas Casino Club, Martin Schwarzberger, and Finn Ruben Warnke and accused them of offering NFTs, or non-fungible tokens illegally.
Texas State Securities Board's order
The Texas State Securities Board's order has accused the Schwarzberger, Warnke, and SVCC of "leveraging interest in metaverses to perpetrate a high-tech fraudulent securities offering." This accusation was mainly due to the plans of the virtual casino to release around 111,111 Gambler NFTs so that they could raise funds for their casinos in popular metaverse worlds of Sandbox, Decentraland, Infinity Void, and NFT Worlds.“The metaverse provides brands with new commercial opportunities, and many investors are now considering the latest high-tech products,” said Enforcement Director Joe Rotunda. “However, bad actors are now leveraging interest in these opportunities and products. Virtual reality can leave you virtually broke."Furthermore, the order also noted that the owners of the Gambler NFTs and Golden Gambler NFTs will receive a share of profits as per advertisements. The projections said that Gambler NFT owners could get $102 and $2,040 per NFT per month or $1,224 and $24,480 per NFT per year while Golden Gambler NFT owners might make $540 and $6,750 per NFT per month or $6,480 and $81,000 per NFT per year.
Obstruction of regulation
The order also noted that the SVCC are telling their followers that the Gambler and Golden Gambler NFTs are not regulated as securities, "falsely claiming the securities laws do not regulate any NFTs.""The Respondents are also devising a scheme to obstruct any attempt to regulate the Gambler NFTs and Golden Gambler NFTs, according to the order. They are misleading purchasers by claiming they can simply avoid securities regulation by implementing illusory features or using different terminology."Taking into account all these scenarios, the Texas and Alabama authorities have issued the emergency cease and desist which will aim to put a stop to the NFT sale as the "Gambler NFTs and Golden Gambler NFTs are not registered or permitted for sale in Texas."
It is also important to mentioned here that the authorities from Texas and Alabama claimed that Celsius violated securities laws.
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