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OpenSea

OpenSea Faces SEC Wells Notice Over NFT Classification As ‘Securities’

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On Wednesday, OpenSea, the largest marketplace for non-fungible tokens (NFTs), received a Wells notice from the US Securities and Exchange Commission (SEC), indicating the regulator’s intent to potentially initiate legal action, asserting that NFTs traded on the platform may be classified as securities.

CEO Devin Finzer Responds To SEC Wells Notice

OpenSea CEO Devin Finzer announced the news in a post on X (formerly Twitter), where he expressed his shock at the SEC’s decision. Finzer emphasized the impact this move could have on creators and artists, for which he noted, “We are ready to stand up and fight.”  

Related Reading: Massive Bitcoin Expansion: CME Debuts ‘Friday Futures,’ Nasdaq Pursues BTC Index Options

The SEC has long been scrutinizing the cryptocurrency and digital asset landscape, targeting various companies, including Coinbase, Uniswap, and Kraken, for perceived regulatory violations. 

Finzer criticized the SEC’s regulation by enforcement approach, arguing that it stifles innovation and poses risks to “hundreds of thousands” of artists and creators who lack the resources to navigate complex legal battles.

OpenSea Pledges $5 Million To Support Creators

Finzer also referenced a lawsuit filed against the SEC by musician “Songadaymann” and conceptual artist Brian L. Frye, who fear that their creative works might be classified as unregistered securities offerings. 

According to Finzer, this legal uncertainty could jeopardize the livelihoods of many creators in the NFT space. Finzer further noted:

NFTs are fundamentally creative goods: art, collectibles, video game items, domain names, event tickets, and more. We should not regulate digital art in the same way we regulate collateralized debt obligations.

Related Reading: Who Created Bitcoin? FBI Documents Suggest They Might Know

In response to the SEC’s actions, OpenSea has committed $5 million to support legal fees for NFT creators and developers who receive Wells notices, reinforcing their stance that every creator, regardless of scale, should be able to innovate without fear of regulatory repercussions.

OpenSea
The 1D chart shows the total crypto market cap valuation at $2 trillion. Source: TOTAL on TradingView.com

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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