OpenSea, one of the growing NFT marketplaces, is in trouble with the US SEC.
On August 29, CEO of OpenSea Devin Finzer took to social media to share that the SEC sent them a Wells notice, indicating that they may get sued soon.
Reason? The SEC thinks some NFTs on the OpenSea platform could be considered securities. This highlighted the drama between the SEC and the crypto world over whether digital assets like NFTs should be treated as securities.
Fizner is not happy, but he says OpenSea is ready to stand up for creators and artists. Crypto companies debate that the current rules don’t abide by digital assets. They feel that SEC is being unrealistic and getting too involved. While, the SEC claims it’s just trying to protect investors
It is not sure if the SEC is officially investigating OpenSea , but the hit is real.
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