OpenSea Receives Wells Notice as SEC Calls NFTs Securities
✅ The SEC has sent a Wells Notice to OpenSea, declaring that NFTs on the platform are securities, signaling possible enforcement action.
🗣️ OpenSea's response: Co-founder and CEO Devin Finzer expressed shock at the SEC's move and vowed to fight. OpenSea also pledged $5 million to cover the legal fees of NFT creators and developers who received a Wells Notice.
📊 Market Impact: The move marks a significant step in the SEC's ongoing crackdown on the crypto market.
