Crypto Leaders Slam SEC, Gary Gensler for Targeting NFT Marketplace OpenSea with Wells Notice

Several leaders in the crypto space are criticizing the U.S. Securities and Exchange Commission (SEC) and its Chairman Gary Gensler for issuing non-fungible token (NFT) marketplace OpenSea with a Reviews of wells.

OpenSea CEO Devin Finzer shared in an August 28 X job The regulator has warned the company of possible enforcement action. It is not yet clear whether the SEC will actually take legal action against OpenSea.

This is one of the few times the agency has considered labeling an NFT as an unregistered security.

SEC Criticized for Continued Attacks on Cryptocurrency Industry

Shortly after Finzer issued the X notice, several industry leaders criticized the SEC for its continued attacks on companies operating in the crypto space. Crypto Council for Innovation (CCI) Legal and Policy Director Ji Kim, called the SEC’s claim that NFT platforms should be considered “legally flawed” and “utterly ridiculous” securities exchanges.

News from @Opensea The receipt of a Wells notice makes it clear and simple that the SEC’s ongoing crusade against the cryptocurrency industry continues unabated. This is in contrast to what Vice President Harris said two weeks ago when announcing her economic agenda: pic.twitter.com/cafsHJ6DhU

— Brian Quintenz (@BrianQuintenz) August 28, 2024

Brian Quintenz, global head of policy at a16z, said the SEC’s Wells opinion “shows clearly and simply that the SEC’s ongoing crusade against the crypto industry continues unabated.”

Likewise, Representative Wiley Nickel said In an August 28 article on X, the SEC’s “aggressive” regulation by law enforcement is “a blatant abuse of power that erodes trust and transparency” in the U.S. regulatory system.

OpenSea CEO Ready to Face SEC

OpenSea’s CEO has vowed to “stand up and fight” any charges if the SEC decides to take legal action against the company. NFT platform. He added that up to $5 million will be provided to cover legal fees for NFT creators and developers who find themselves in a similar situation.

“We are shocked that the SEC would take such drastic action against creators and artists. But we are ready to stand up and fight,” Finzer said.

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