Atlas Development chief legal officer Oscar Franklin Tan stated that the Wells notice “does everything except provide us with clear rules to follow.”
A lawyer believes that, in some cases, non-fungible tokens can be considered securities. However, the legal professional believe that the recent Wells notice sent by the United States Securities and Exchange Commission (SEC) to OpenSea is not a good use of their time.
On Aug. 28, OpenSea CEO Devin Finzer said that the company received a Wells notice from the SEC, saying that the government agency believes that NFTs on their platform are securities.
A Wells notice from the SEC is a formal warning indicating that the government agency may take enforcement action against a company. It typically outlines the regulator's case and gives the potentially accused firm an opportunity to respond to the allegations.
