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OpenSea CEO Announces Wells Notice from SEC, Pledges $5 Million to Defend NFT Creators
Summary: OpenSea CEO Devin Finzer revealed that the NFT marketplace has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), signaling potential legal action against the platform. Finzer expressed concern over the SEC's stance, stating, "We're shocked the SEC would make such a sweeping move against creators and artists. But we're ready to ...
OpenSea CEO Devin Finzer revealed that the NFT marketplace has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), signaling potential legal action against the platform. Finzer expressed concern over the SEC's stance, stating, "We're shocked the SEC would make such a sweeping move against creators and artists. But we're ready to stand up and fight."
Finzer highlighted that the SEC's targeting of NFTs could stifle innovation across the digital art space, putting hundreds of thousands of online creators at risk. To support those affected, OpenSea is pledging $5 million to assist NFT creators and developers in covering legal fees if they receive similar notices.
The SEC has previously indicated that NFTs could be involved in securities sales. In one instance, the agency settled with Impact Theory over unregistered securities allegations related to its NFT sales. Despite these challenges, Finzer vowed to defend the NFT industry, stating, "I hope the SEC will come to its senses sooner rather than later."
Tags: NFT,OpenSea,SEC
Link: OpenSea CEO Announces Wells Notice from SEC, Pledges $5 Million to Defend NFT Creators [Copy]
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