The CEO of OpenSea reported receiving a Wells notice from the SEC in August, suggesting that the commission could be taking a new regulatory approach to NFTs.
The crypto and blockchain advocacy organization Digital Chamber is calling on the United States Congress to enact legislation “to clearly define certain NFTs [non-fungible tokens] as consumer products and exempt them from federal securities laws” in response to potential enforcement actions against the OpenSea platform.
In a Sept. 10 notice, Digital Chamber described the US Securities and Exchange Commission (SEC) Wells notice against OpenSea as an “overreach into the digital asset industry.” Though the regulator had not filed a lawsuit against the NFT platform at the time of publication, a Wells notice suggested that the SEC was considering an enforcement action.
Source: Digital Chamber
