According to Decrypt, OpenSea received a notice from the U.S. SEC Wells last month. Although the regulator had previously taken enforcement actions against NFT projects, the disclosure against OpenSea indicated that the U.S. SEC had begun reviewing entities that provide trading platforms for NFTs, not just the entities that initially provided these platforms.
Magic Eden has not yet become a target of the SEC, but its CEO Lu acknowledged that the lawsuit against OpenSea could have broad implications for the cryptocurrency space, which has been relatively untouched by regulators compared to exchanges or cryptocurrency issuers. "Regulatory ambiguity is basically inevitable," Lu said. "If this incident can bring more clarity to this space, I welcome it."
