Golden Finance reported that U.S. Democratic Congressman Wiley Nickel has strongly criticized the U.S. SEC, accusing the agency of undermining trust in the regulatory system due to its "law enforcement and supervision" approach. In a recent social media post, Nickel called the SEC's approach a "blatant abuse of power" that could stifle digital innovation across the United States. He also added: "The SEC should choose to work with Congress to develop clear and fair regulations through a collaborative and transparent process that includes public input." Yesterday, OpenSea announced on the X platform that it had received the Wells Notice from the U.S. SEC, but was shocked by the SEC's actions that threatened creators and artists, and is now ready to stand up and fight for the industry. OpenSea said it plans to provide $5 million to pay legal fees for NFT artists and developers who received the Wells Notice.