OPENSEA SLAMMED WITH WELLS NOTICE, CRYPTO COMMUNITY REACTS
- OpenSea founder Devin Finzer disclosed that the company received a Wells notice from the SEC.
- The notice states that the SEC seeks legal action against OpenSea, claiming that NFTs sold on its platform are securities.
- Crypto community members blasted the SEC for claiming that NFTs are securities.
OpenSea revealed on Wednesday that it has been hit with a Wells notice from the Securities & Exchange Commission (SEC). The company alleged that the regulator claimed the non-fungible tokens (NFTs) on its platform are securities. The report has led to an uproar from crypto community members who have shown concerns about the SEC's crackdown approach to the crypto industry in recent months.
OpenSea joins list of crypto companies slammed with Wells notice
NFT marketplace OpenSea revealed on Wednesday that it received a Wells notice from the SEC regarding the sale of NFTs on its platform. The company's CEO, Devin Finzer, initially announced the development on the X platform, indicating that the notice came as a shock to the company.
A Wells notice is a document indicating that the SEC has completed investigating a company and intends to take enforcement action. It also allows the accused to respond to the regulator's claims before an enforcement action is taken.
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