SEC Targets OpenSea Marketplace


The parade of absurdity continues as the United States Securities and Exchange Commission (SEC) issues a Wells Notice to OpenSea, the largest web3 NFT marketplace. The core issue is the same as always. SEC believes that all NFTs may qualify as unregistered securities.

 

Devin Finzer, OpenSea’s CEO, voiced his readiness to challenge the SEC’s stance. He also argues that the SEC targeted hundreds of thousands of online artists and creatives who don’t have enough resources to defend themselves. As a result, the platform promised to allocate $5M to each artist and dev to cover their legal fees if affected.


It's business as usual. Instead of fostering innovation, the regulator stifles it. SEC ignores the nuances of blockchain technology and digital art, and risks depriving the country of a vibrant economic opportunity. I wonder how long this heavy-handed approach will continue.


#SEC #OpenSea #CryptoRegulation #NFTs #DigitalArt #Blockchain #Innovation #WellsNotice #TechFreedom #Decentralization #LegalBattle s #Web3 #Uniswap #CryptoPolicy



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