The U.S. Securities and Exchange Commission obtained a $750,000 settlement from Flyfish Club LLC over its offer and sale of securities through the form of non-fungible tokens, a unique digital identifier on the blockchain used to certify ownership.

Still, SEC Commissioners Hester M. Peirce and Mark T. Uyeda said in their dissent in the administrative order that securities laws are not necessary in this context and their application is harmful, both in the present case involving the respondent, Flyfish Club, which billed itself as the “world’s first NFT restaurant,” and as a future precedent.