Chair

Gary

Several leaders in the crypto space are criticizing the US Securities and Exchange Commission (SEC) and its Chair Gary Gensler for issuing non-fungible token (NFT) marketplace OpenSea with a <a href="https://insidebitcoins.com/news/sec-issues-a-wells-notice-to-opensea-claiming-nfts-on-its-platform-are-securities" rel="noopener noreferrer nofollow">Wells Notice</a>.
OpenSea’s CEO Devin Finzer shared in an Aug. 28 X <a href="https://x.com/dfinzer/status/1828791832009953706" rel="noopener noreferrer nofollow">post</a> that the regulator warned the company of a potential enforcement action. It remains unclear whether the SEC will actually pursue legal action against OpenSea.&nbsp;
This is one of the few times the agency has considered labeling an NFT as an unregistered security.
<img decoding="async" src="https://c.files.bbci.co.uk/161B5/production/_122594509_openseagetty.jpg" alt="NFT marketplace OpenSea valued at more than $13bn">
<h2 id="span-style-font-weight-400-sec-criticized-for-its-ongoing-attack-against-the-crypto-space-span">SEC Criticized For Its Ongoing Attack Against The Crypto Space</h2>
Shortly after Finzer posted about the Notice on X, several industry leaders criticized the SEC for its continued attack against companies operating in the crypto space. The chief legal and policy officer at the Crypto Council for Innovation (CCI), Ji Kim, <a href="https://x.com/_jikim/status/1828810522172817853" rel="noopener noreferrer nofollow">called</a> the SEC’s assertion that NFT platforms should be considered securities exchanges “legally flawed” and “utterly ridiculous.”
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 News of <a href="https://twitter.com/opensea?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Opensea</a> receiving a Wells Notice shows plain and simple that the current SEC’s crusade against the crypto industry continues unabated. This is in contrast to what Vice President Harris said two weeks ago announcing her economic agenda: <a href="https://t.co/cafsHJ6DhU" rel="noopener noreferrer nofollow">pic.twitter.com/cafsHJ6DhU</a>
 — Brian Quintenz (@BrianQuintenz) <a href="https://twitter.com/BrianQuintenz/status/1828801329214677232?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 28, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The global head of policy at a16z, Brian Quintenz, said that the SEC’s Wells Notice “shows plain and simple that the current SEC’s crusade against the crypto industry continues unabated.”&nbsp;&nbsp;
Similarly, Rep. Wiley Nickel <a href="https://x.com/WileyNickel/status/1828818197195161967" rel="noopener noreferrer nofollow">said</a> in an Aug. 28 X post that the SEC’s “aggressive” regulation by enforcement is “a blatant abuse of power that erodes trust and transparency” in the US regulatory system.
<h2 id="span-style-font-weight-400-opensea-ceo-is-ready-to-fight-the-sec-span">OpenSea CEO Is Ready To Fight The SEC</h2>
OpenSea’s CEO has pledged to “stand up and fight” any charges if the SEC decides to pursue legal action against the <a href="https://insidebitcoins.com/news/pudgy-penguins-launches-a-digital-studio-letting-users-edit-pfps-of-their-nfts" rel="noopener noreferrer nofollow">NFT</a> platform. He added that up to $5 million will be provided to cover any legal fees for NFT creators and developers that are in a similar predicament.
“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 said.
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Crypto Leaders Slam SEC And Gary Gensler For Targeting NFT Marketplace OpenSea With Wells Notice

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