[OpenSea users claim NFTs are securities in proposed class action lawsuit] On September 23, two OpenSea users have filed a class action lawsuit against the NFT market OpenSea in the United States, claiming that it sells unregistered securities contracts. In a lawsuit filed in a Florida federal court on September 19, Anthony Shnayderman and Itai Bronshtein claimed that the NFTs they purchased on OpenSea, including the once high-priced Bored Ape Yacht Club series, became worthless "due to their illegal nature." In their debate, the two pointed out that OpenSea disclosed a Wells notice issued by the U.S. Securities and Exchange Commission last month, which they claimed "showed that OpenSea was in trouble and could be found liable for facilitating transactions in unregistered securities." The lawsuit also pointed out that the SEC took successful actions against NFT projects Stoner Cats2 and Impact Theory, and the regulator stated that NFTs were unregistered securities sales. The two claimed that the Howey test, which defines securities, shows that the NFTs they purchased on OpenSea are investment contracts under U.S. securities laws, and claimed that they were investments in a common enterprise and that profits could reasonably be expected from the efforts of others. The lawsuit alleges that OpenSea’s NFT listings were “deceptive and misled plaintiffs into purchasing worthless and illegal unregistered securities” because OpenSea stated that it “would regulate the NFTs on its exchange.” They also allege that the company “improperly enriched” by charging fees and accepting funds that “the company knew or should have known came from the sale of unregistered securities.” The duo’s attorney, Adam Moskowitz, managing partner of the Moskowitz Law Firm, said: “Under today’s ever-changing regulations, there should be a process for selling NFTs in a well-regulated environment.” Moskowitz added: “We look forward to working with OpenSea to build the best path and future processes for consumers and the crypto industry.”