• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Crypto and Blockchain Communities Challenge SEC Warning to OpenSea

user avatar

by Giorgi Kostiuk

2 years ago

  1. SEC Warning to OpenSea
  2. Criticism from Ji Kim and Katherine Minarik
  3. OpenSea's Response and Support for NFT Creators


    4. Crypto and blockchain communities are reacting to the U.S. Securities and Exchange Commission (SEC) and its chair, Gary Gensler, regarding the warning issued to the OpenSea platform.

    SEC Warning to OpenSea

    On August 28, OpenSea CEO Devin Finzer announced that the SEC had sent a Wells notice to the platform. This notice is a formal warning that the SEC might take legal action, claiming that OpenSea could be operating like an unregistered securities exchange. This is unusual as it is one of the few times the SEC has considered applying securities laws to an NFT marketplace.

    Criticism from Ji Kim and Katherine Minarik

    Ji Kim, Chief Legal and Policy Officer at the Crypto Council for Innovation (CCI), criticized the SEC’s move, saying it is “legally flawed and utterly ridiculous.” Kim believes that treating NFT platforms as securities exchanges does not make sense legally.

    The aggressive and innovation chilling regulation by enforcement approach of this SEC continues–this must stop. Devin Finzer is absolutely right–NFTs are fundamentally creative goods, which allow artists, creatives, and others to showcase their talent. NFTs should not be regulated.Ji Kim

    OpenSea's Response and Support for NFT Creators

    In response to the possible legal action, Devin Finzer has pledged to defend OpenSea and has promised to provide up to $5 million to help NFT creators and developers who might face similar issues.

    Overall, the reaction of crypto and blockchain communities to the SEC’s actions against OpenSea brings about active discussion and criticism of the regulatory approaches within the NFT industry.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Kevin Warsh Confirmed as Federal Reserve Governor

chest

Kevin Warsh has been confirmed by the US Senate to join the Federal Reserve Board of Governors.

user avatarLucas Weissmann

Citi Analysts Predict Positive Outlook for Broadcom AVGO Stock

chest

Citi analysts have raised their price target for Broadcom AVGO stock to $500, anticipating strong revenue growth driven by AI demand ahead of the company's Q2 earnings report on June 3, 2026.

user avatarFilippo Romano

Bitcoin Mining Faces Pressure as Rewards Decline

chest

The Bitcoin mining economy is currently facing significant pressure as the halving system continues to reduce miner rewards, raising concerns about profitability and network security.

user avatarEmily Carter

Emin Gn Sirer Raises Concerns Over Bitcoin's Long-term Security

chest

Avalanche founder Emin Gn Sirer raises concerns about Bitcoin's long-term security due to declining miner incentives, warning of potential risks to the network's stability.

user avatarTomas Novak

Anthropic and OpenAI Announce Major Changes to Stock Transfer Policies

chest

Anthropic and OpenAI updated their stock transfer policies, declaring unauthorized transfers void, impacting investors.

user avatarKaterina Papadopoulou

Sui Network Experiences Explosive Market Momentum

chest

Sui Network is showing explosive momentum in the market, breaking out of a 7-month descending trendline and moving through key resistance levels, with potential for further growth.

user avatarLeo van der Veen

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.