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NFTs securities? OpenSea vs SEC 🖼️
Pro-crypto voices lined up to criticize the regulator after it argued that some NFTs on OpenSea could be considered securities.
Stephen Graves
August 29, 2024
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📝 What you need to know
Pro-crypto voices including a Democratic Congressman lined up to criticize the U.S. Securities and Exchange Commission (SEC) after it sent a Wells Notice to NFT marketplace OpenSea.
Rep. Wiley Nickel (D-NC) criticized the regulator’s “aggressive use of ‘regulation by enforcement’” after it notified OpenSea of its intent to bring an enforcement action against it.
The SEC “believe NFTs on our platform are securities,” OpenSea CEO Devin Finzer tweeted, in what appears to be a marked escalation of its scrutiny of digital assets, in particular NFTs.
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💬 Quote of the Day
“OpenSea has received a Wells notice from the SEC threatening to sue us because they believe NFTs on our platform are securities.
We're shocked the SEC would make such a sweeping move against creators and artists. But we're ready to stand up and fight..”
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