CEO Devin Finzer pledged to "stand up and fight" any potential enforcement action the regulator might bring involving NFTs.
Devin Finzer, CEO of non-fungible token (NFT) marketplace OpenSea, reported the company had received a Wells notice from the United States Securities and Exchange Commission (SEC), suggesting a potential enforcement action.
In an Aug. 28 X post, Finzer said the SEC had issued the Wells notice, alleging that the NFTs traded on the marketplace may qualify as unregistered securities. The OpenSea CEO said the platform was ready to “stand up and fight” any potential enforcement action.
“[T]his is a move into uncharted territory,” said Finzer. “By targeting NFTs, the SEC would stifle innovation on an even broader scale: hundreds of thousands of online artists and creatives are at risk, and many do not have the resources to defend themselves.”
