According to ChainCatcher, @tier10k said that OpenSea received a WELLS notice from the U.S. Securities and Exchange Commission (SEC).

In response, Devin Finzer, founder of OpenSea, said in a post that he received a Wells notice from the U.S. Securities and Exchange Commission (SEC) because the SEC believed that the NFTs on the platform were securities and threatened to sue it. In response, OpenSea expressed shock and believed that this move would have a wide impact on creators and artists. In response to this situation, OpenSea promised to allocate $5 million to help NFT creators and developers who received the Wells notice pay legal fees, and emphasized that it will continue to fight for the industry.