OpenSea receives 'Wells notice' from SEC, announcing NFTs will be sold in securities on the platform

"We are shocked that the SEC would take such a sweeping action against creators and artists, but we are willing to stand up and fight," OpenSea CEO says

"OpenSea has received a Wells notice from the SEC threatening to sue us because they believe the NFTs on our platform are securities," OpenSea CEO Devin Finzer wrote on social media platform X.

Wells notices are preliminary warnings that inform respondents of charges the regulator is considering filing against them. They typically result in enforcement action.

Finzer said his company will fight the notice and pledged $5 million to help cover the legal fees of any NFT creators and developers who may also receive such a notice.

"I hope the SEC sees reason sooner rather than later and listens with an open mind," he added.

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