The U.S. Securities and Exchange Commission (SEC) is scrutinizing OpenSea, the world’s leading NFT marketplace, potentially classifying NFTs as unregistered securities. Devin Finzer, the Co-founder and CEO of OpenSea, made this development available on X, which has ignited a debate within the NFT and digital art communities.
OpenSea has received a Wells notice from the SEC threatening to sue us because they believe NFTs on our platform are securities.
We're shocked the SEC would make such a sweeping move against creators and artists. But we're ready to stand up and fight.
Cryptocurrencies have long…
— Devin Finzer (dfinzer.eth) (@dfinzer) August 28, 2024
Finzer voiced strong opposition to the SEC’s potential move, arguing that it would “stifle innovation on an even broader scale” by treating digital art like financial securities. He warns it could harm thousands of artists and developers who rely on NFTs for income.
To counter this, OpenSea has launched a petition for users to vote on an appeal against the SEC’s claims. They also pledged $5 million to assist creators facing legal challenges related to the investigation.
The call to action has garnered su…
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