Cryptocurrency markets were feeling the SEC’s pressure ease amid the upcoming elections, but it’s not over. The SEC continues its cryptocurrency lawsuits. According to the announcement that came a while ago, the SEC has now sent a Wells notice to OpenSea. This means that one of the largest NFT platforms is being targeted after the sample lawsuit filed in the NFT space.
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Shining star in 2021 NFT‘s have been experiencing base price declines due to lack of interest for a long time. Now, with the Wells notification sent by the SEC, NFTs will have to defend themselves in court as investment contracts and securities, following altcoins. OpenSea CEO Devin Finzer wrote; A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
“OpenSeaWells received a notice from the SEC threatening to sue us because they believe NFTs on our platform are securities.
We are shocked that the SEC would take such a sweeping action against creators and artists, but we are ready to stand up and fight.
Kraken, Robinhood, Uniswap and others are fighting back against the SEC’s one-sided approach of “regulation through enforcement.”
But this is a move into uncharted territory. By targeting NFTs, the SEC will stifle innovation on an even broader scale: hundreds of thousands of online artists and content creators are at risk, and many lack the resources to defend themselves.
NFTs are fundamentally creative goods: art, collectibles, video game items, domain names, event tickets, and more. We should not regulate digital art the way we regulate collateralized debt obligations.
In addition to standing our ground, we are donating $5 million to help cover the legal costs of NFT creators and developers who receive Wells notifications. Creators, big or small, can do so without fear. innovation should be able to do it.
SEC“I hope that ‘will come to their senses soon and listen to us with an open mind. Until then, we will stand up and fight for our industry.”
What is a Wells notice? This notice reflects the SEC’s intent to sue the company and is the final step before litigation.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
