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TAMPA - On Feb. 20, the U.S. Securities and Exchange Commission (SEC) enforcement division issued a Wells notice to Chuck E. Cheese, ordering the company to stop minting Chuck E Cheese tokens for its Chuck E. Cheese's, Showbiz Pizza Place, and related restaurants.
The notice followed an SEC investigation of Chuck E Cheese, whose tokens they have concluded violated securities laws & most egregiously have been sold to minors. However, a Wells notice doesn’t necessarily mean that the SEC will take legal action against Chuck E Cheese. For the SEC to pursue this matter further, its five commissioners must vote to approve any litigation or settlement.
During an unprecedented year’s long investigation SEC investigators staked out Chuck E Cheese locations by hiding within the massive ball pits and documenting evidence of securities law violation.
“Once we observed kids exchanging their Chuck E Cheese tokens and tickets for prizes it was clear there was an expectation of profit in this endeavor” John Waldron a special investigator for the SEC noted before continuing “I remember thinking to myself that we finally have this pizza addicted rat dead to rights.”
After SEC special investigators had confirmed what they believed was a clear violation of the Howey Test, they sprung into action to gather evidence before it could be destroyed. Bursting from the ball pit of the Tampa Bay Chuck E Cheese location, two SEC special investigators quickly emerged from their submerged stake-out locations to seize the Chuck E Cheese token machine and a number of popular prizes.
A large mascot dressed as the notorious Chuck E Cheese rat could only stand in stunned silence as the scene unfolded within the restaurant.
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