OpenSea Challenges SEC's Move to Regulate NFTs as Securities 🚨
#OpenSea has received a Wells notice from the SEC, indicating a potential lawsuit as the SEC considers NFTs on their platform to be securities.
OpenSea is surprised by this move and is prepared to fight back, as this action could have far-reaching consequences for creators and artists. The SEC's regulation by #enforcement approach, which has previously targeted cryptocurrencies, now threatens the innovation and livelihoods of many in the NFT space.
OpenSea emphasizes that #NFTs are creative goods and should not be regulated like financial instruments. The platform has pledged $5 million to help NFT creators and developers with legal fees, ensuring they can continue to innovate without fear. OpenSea hopes the SEC will reconsider its stance but is committed to defending the industry.
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