On Sept. 13, 2023, the U.S. Securities and Exchange Commission settled enforcement proceedings against the maker of the Stoner Cats web series arising from its sale of NFTs, reflecting a significant expansion of the SEC’s crypto enforcement efforts into the NFT space. In this C&G Client Alert, Douglas J Pepe and William E Kalema explore the SEC’s position in this instance and the broader implications of its stepped-up enforcement of crypto assets as securities.